As a college student I'd totally take a cheap haunted house. I live on ramen, I'm not exactly swimming in money.
Then again college students are usually the biggest idiots in horror movies so maybe that trope is actually accurate.
Is it structurally sound? Does it have any water leaks or damage? Can I clean it up in a reasonable amount of time? Will the cost of repairs still allow me to stay in my budget? If I repair something is it going to stay fixed or break repeatedly? If the answer to these questions is all in the positive answer in regards to my fiscal potential it is worth the move.
Then again college students are usually the biggest idiots in horror movies so maybe that trope is actually accurate.