I've got the cash to buy it outright, then let him live there, rent out the other bedrooms to classmates, etc.

I do have another property with some equity if needed in a pinch where something went wrong but I dont want to cash out refi that property yet as rates havent went down and it has a 5.6% fixed rate.

That said, there's basically zero chance of finding it for meaningfully less than the price you mentioned.  

Have flipped as a Contractor several in your area (Boise, Caldwell,  Montpelier).Find a great Realtor that understands Construction cost. 

We’ve been finding more and more tenants just taking them out when the battery starts to die and they’re chirping.

Real Estate Development is ALL about successful partnerships and we'll give you the ins and outs of how to find the right ones for you!

Pay cash and then after 6-9 months do cash out refinance. - in this case, I will have more time to shop around for better loan terms/rates etc. 

I do have cash flow from my current job however, I am recently married and about to become a dad in a couple of months.

Cashed out on a primary to buy an investment when the rates were good.

also how easy will it be to find a new tenant for your house hack for Oct 1?