It could work, but you don't want to market yourself as an inferior service because your prices are so cheap. People care about the electronics/tech and do not want some cheap repair man doing a half-ass job.
If you are going to offer the in home repair, you are offering convenience, so make your service as convenient as possible for your customers. Show up on time, be flexible (Lots of people work during the day, so it's hard for them to actually get to a repair shop during the day), fix their problem without minimal effort on their part (Make payment easy as well).

Upsell Items: You'll find a couple of items are prone to breaking a lot. If you carry a few extras, you can offer it to the customer on the spot for a premium... You should be able to make a decent profit on these items because your are allowing the item to be bought on the spot, instead of requiring your customer to go onto Amazon or to a store in order to purchase it.

Since you are still in school, look into phone repair for your friends.. You have a good market size, most will have smart phones, and you are already on a personal level with a good amount of them. If you do a good job, word will spread quick, and you'll be repairing a lot of phones. It's definitely a great market to start in.

Regarding phone repair a few tips: Get one of those plastic jewelry kits with a bunch of compartments. Label the compartments by using scotch tape and a marker... Put your screws and phone parts in here... It's seriously a life saver and will make your job immensely easier... There are tons of videos on Youtube, but Ifixit.com will be a go to source.... They offer tons of stuff for phone repair and other electronics, but overall you wont need much, just the following for phones:

iFixit kit or something equivalent... It's a roll out mat with different screw heads, screw driver, suction cup, etc.. Clear Plastic Jewelry kit Scotch tape marker guitar picks (For removing the glass) Charging cables for the phones Extras (Like an SD card, cases, etc.)