Again, this is in PRIME LOCATION and walking distance to hospitals, dining, and nightlife.

I have experience managing out of state properties so I’m comfortable with that aspect.

I, personally, would not feel comfortable with only $200/mo after my mortgage payment.  

Recommend you look for a size that your comfortable with managing.

I think people get comfortable and likely don't have the means to purchase a home of their own.

These factors combined have contributed to a situation where rents are low for 2/1 units and SFH prices are high for 3/2 or 4/2 houses.The house itself needs some general work, and I am comfortable estimating the costs on that work, but I am not sure what it would cost to turn it back into a SFH.

Such a critical lesson to teach new folks about how to get out of your comfort zone to begin living your dream.Best of luck!

It might be easier to find the right single family home and configure it for a comfortable housemate situation. 

I would feel more comfortable buying something that doesn't need much work but I feel most turn key ready houses in JC are priced to high for the area.

We found a houae in need of significant repairs we were comfortable with and at a significant discount.