Potential Deal Evaluation

[Wesley Walker]

I'm putting an offer on my first rental property. It is in a rural area and is currently being rented for $510. Tenant pays all utilities. The house is for sale for $50k. I don't see much potential for appreciation, so this is a cash flow deal. It meets the one-percent rule and the deal will be contingent upon inspection to make sure there are not any major issues. 

Numbers work and I know the area, but I'm nervous about purchasing my first property.