I am currently a 21 year old college student looking to house hack in order to save money on living expenses.

Of course it depends where in the USA you choose to start, but let's guess using averages....With $50k to start with (as a 20% down payment on a rental property) you can purchase a house up to about $250k, right?

So let's say the rental house is valued at 100k and you don't have a mortgage.

We went to go see a house that is below market value however, the house needs quite some work. 

Have you looked at duplexes or a house with a legal suite? 

Being in a price point that typically caters to moderate earners, so affordable to their incomes, but also having a tenant base that is more likely a renter by necessity than choice (or the non-PC way of saying it: a tenant that can afford your rent without struggling, but can't afford to save up to buy a house).3.

Plus, it leaves a lot of stains and needs to be consistently cleaned especially near water. for lighting it's really important what kind of temperature color you choose.

I found it on an auction site and contacted the realtor/broker who was my neighbor in my last house.

Your post is under the house-hacking section, do you plan to house-hack and live in this property that you purchase in Jacksonville.If you are planning to live here in Jacksonville, it is important to choose a good neighborhood that you would enjoy living in.I personally like the 5 points/riverside, San Marco and Southside/Baymeadows area.These areas have more resturants/activities than other parts of Jacksonville in my opinion.

Basically a lot about this house was misrepresented.