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My family did this while in college, since my brother (who's 3 years older) went to the same place I did.
Make sure it has enough rooms that a) you can cover the mortgage when not all rooms are occupied, and b) you can cover the mortgage in the summer, when you're the only one there.
Good news is that a $55k mortgage should only run around $600 total a month, for taxes and payments.
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