Furnishing pain of my first apartment

I went apartment hunting in April and have seen my apartment space for a total of maybe three minutes. I think I have a general gist of how big the place is, but really I probably have no idea. No matter the size, I'd like to have a modern interior. I think it would contrast well with the old and faded feel of the building - a building so old I actually had to sign a lead poisoning disclaimer.

The benefit of modern designs are the clean lines and the appreciation for simplicity. Simplicity, of course, equaling fewer pieces of furniture and so lower costs.

I'd like to imagine that my affordable apartment will look like this:

The perfectly beautiful and fantastical abode of a starving med student

But...my place will most likely just look like this: 

Choosing between fed and fasted, I chose fed

Of course, my walls will have a bit more color than that pictured above. One of my wonderful roommates is a CRAZY artist - "crazy" taking on the meaning of "good" in this context.

Trying to keep the balance between affordable and quality is really tough on a shoestring budget. However, if you're willing to take the time to look online and really REALLY search, there are a lot of cool stuff that you can find. Stores like Walmart and Target have affordable furniture, but the downside is the delivery choices are not so great. Shipping to store is usually free, but with large pieces of furniture, you might be better off just paying the shipping fee. The same is true for looking on Craigslist (also, beware of who you buy from. Lifetime has scared me for life with The Craigslist Killer). 

So far, we've decided on a futon and a set of bookshelves and have not yet picked a color for the futon. Help us decide! Black, grey or red?