What you need for that are the income and expenses for the property. https://en.wikipedia.org/wiki/Income_approach

So it will be an education for me to track expenses for this property over the next few years.  

Add those expenses up...Why would you ever even mention eviction with a tenant that is paying???

Hey Everyone,I just graduated college with no debt so I want to buy my first property and House Hack with college students, I found a property currently selling for $175,000 dollars, but I think It can be negotiated to a lower purchase price since it is a little outdated and the other houses in that same street have sold for less money, although it is outdated it could be rented for $550 dollars a month + utilities  and since it is a 4 bed, 2 baths; renting out the other 3 bedrooms while I live in one of them would help me break even with the house's monthly expenses.

Some downpayment programs have different requirements than others.  

@Aaron Simril you can try to sell it and hope a buyer will overlook these issues.Check your state laws, because in Michigan, you'd be legally required to disclose what you know about any repair issues and would be liable forever.Appears you may also have the opportunity to sell and avoid capital gain taxes on up to $500k of gains from a sale.

We would require the tenant to sign a holding deposit agreement.

Lenders typically require down payment amounts of 20-25%. 

Flood is an emergency entry so while you should give notice you aren't required to wait.

This step formalizes the transfer of rights from you to the new buyer.It's crucial to ensure that all parties are aware of and agree to the assignment process before proceeding.Closing:At the closing, the new buyer typically pays the purchase price outlined in the original purchase agreement directly to the seller.Simultaneously, the new buyer pays the assignment fee (your profit) to you, as specified in the assignment agreement.The closing may involve a title company or attorney to facilitate the transfer of ownership and ensure all legal requirements are met.