As a college student that's closer to graduating, I'd caution you against it until you answer several questions. Among them:
1. Will your degree require an internship or similar experience, which may require moving temporary? I've ran into this exact situation; I skipped overpriced student-oriented housing, but was offered a great opportunity to co-op for 6 months with a company located 800 miles away. I had to eat 4 months worth of rent in my case; for you, you'll have to worry about having someone else take care of any problems.
2. Do you plan on starting your career where you are, or move with opportunities as they come? Even if you plan to fix it up and eventually resell it, 2-3 years can be a pretty short time frame.
3. How concrete are your plans? Do you have solid career plans in mind, or are you willing to capitalize on what comes your way?
There are others, but the gist of it is: Is the potential upside from the investment worth the possible complication of future possibilities? There's no right or wrong answer, but you should definitely think about it.
For me, the freedom was important, and I decided to rent instead of look for permanent housing. So when I was given an unexpected opportunity for this co-op, which could lead to a $60k offer directly after graduation, all I had to do was eat a few months rent instead of turn the offer down because I was too tied up.