If it's cheap (i.e. market value is $200K), then it could be a decent buy. 

Opt for thicker material with a built in pad on the back - it will sound much better walking on it, cheap stuff is sometimes hard to install.We do not follow the fashionable white and grey trend with flooring and stick with medium browns, they have more staying power long term.

Cabinets are cheap and easier to install than refurbish old ones. 

It's real easy to throw a wholesaler under the bus regarding it, however without the non refundable there is no risk to contracting.

I didn't want to fall into the normalization like every other college student who throws thousands of dollars down the drain because of rent.

Maintenance is never cheap enough for owners or fast enough for tenants.

They had to be boarded up for a year, and I believe got foreclosed on and sold dirt cheap. 

But that 100k can buy you 4 properties with 25k down that will net you $200-300 per door conservatively :).You will still come out positive since money is cheap to borrow. 

Any suggestions on where I can get my hands on some cheap money?

Do you have any cash, or are you just throwing out $500K for a thought experiment?