College students renting to own...good idea or no?

[Andrea McClain]

Hi all,
There is a house my fiance and I are interested in maybe renting to own.
Here is the Zillow link: http://www.zillow.com/homedetails/121-Foothills-Dr-Boone-NC-28607/2117675198_zpid/

The rent without renting to own is 790 (which we can afford), and the price of the house is pretty low compared to the other real estate in the area. We aren't really planning on settling in the area, but would like to either renovate it further and flip it in a few years or rent it out after we've moved on.

Would this be a good idea? I'm relatively new to the whole real estate game, but I want to be 100% sure this is a good investment before moving forward with anything. i.e. I don't want to find myself "stuck" with a bad investment which will result in a financial loss in the end.

My fiance has graduated and is looking at grad school for next year, and I am going to be applying to nursing school this year, if that adds any perspective.