You can rent rooms in a single family home, has nothing to do with your mortgage.
After you graduate you can refinance into a conventional loan, rent all four rooms, or sell it. If you refi out of FHA, it allows you to use the low down payment option again for another purchase.
If there is a college student market there, you can generally make more than normal leases by renting rooms individually. If you could regularly rent the house for 1200 a month to a family, you can rent the same house for 2k a month ($500/room) to 4 college students.
There is nothing technically wrong with your plan. The two hurdles you will have to jump through is income for one. Do you have the income to get approved for a mortgage (doubtful they will include rental income)? Second, FHA loans are harder mortgage products to use. They require the home pass inspections and are usually considered to be less favorable to the seller. I've heard of sellers taking less for a home to avoid a buyer using FHA. Buying a house under market value is usually done because it has deferred maintenance or the seller needs quick cash. Neither situation is conducive to FHA mortgage. If you are able to jump these hurdles, your plan is solid, but I encourage you to spend time here learning and reading. You will need to combine the knowledge you learn here with your knowledge of your local market, and likely that of a mortgage broker and real estate agent in order to determine your best plan of action.
You can call a mortgage broker and find out how much you may get pre-approved for. You can also reach out to an agent and run your plan by them to see if its reasonable to get a $150k 4bedroom house using FHA.
looks way better than FHA at a glance.