Is this mobile home a good rental investment?

[Ashley Swansend]

So, there's a piece of property with a little mobile home in the next city over that seems like it could be a wise investment, but I am new to all this so I was hoping for some experienced advice. The home is listed for $12,500 but it needs major repairs. The buyers agent I spoke with said I might be able to get in an offer of $6,000-$7,000 (offering cash, so no mortgage). I had my contractor join me on a walkthrough of the place and he estimated around $2,000 for materials in repairs. If my low ball offer is accepted, and I end up spending a total of $5-7,000 (adding in extra for labor and any surprises)  on repairs, with an estimated monthly income of $650-700 in rent, and yearly taxes at around $1,000 I'm estimating I could make a pretty decent profit, according to my math it would pay itself off in less than 3 years. Its in a nicer part of the city, has a nice little backyard with a fence, and I feel like it would rent quickly in this area once we fix it up.