New House?

So the housing market sucks down here just like the rest of the nation but I think I have found a deal. If you take the ammount of money I would spend on rent and times it by 12 for the year then multiply that by the 4 years I will be at college, with a low average of $400 a month that turns into 400*12= 4800*4= $19,200. With 500 a month that figure turns to $24,000. Those numbers are astounding and yet for all that money going out after the 4 years I will have nothing to show for it. Here is my point, I have through looking around on the internet come to have found run down houses in the ghetto on the cheap. The house in particular that I have planned as my dream home is a 1,150 square foot house listed for $6,000. The house is in no way livable condition at the moment but I figure if I can live with my parents for another year and put in $10,000 into renovating the house it will be a pretty slick 2 bedroom 1 bathroom bachelor pad. And the golden nuggett of it all is after college not only have I saved $3,000 - $8,000 but I have an extremly nice property paid for and ready to sell or to rent. This is the brilliant part, if I decide to sell the house anything I do for will be profit based on the renting scenario. However, if I decide to rent it out (which I am leaning heavily to) at $300 per month in a year that is $3,600 in the bank and after the time I would be retiring 30 or so years later that small investment will net me close to $100,000 (this is all without figuring in interest, but also not considering taxes and improvments so I consider them a wash). This could end up putting my chidren through college or better yet if I don't have kids will buy me a Ferrari. In all seriosness I am very intrigued by this opurtunity but I plan on playing it to my best interest. I am going to wait until the end of the summer and offer $3000 cash to buy it outright if not the $6000 is still a good deal to me. But I am not going to be impashent because I can live with my parents and while this is not the sweetest of circumsatnces it is not bad by any means.