New Investor: Is this a good deal?

[Jimmy Lane]

I am a new investor and looking for my first deal. Is this a good one? Located in Richmond, VA. class C neighborhood 2 bedroom, 1 bath, 784 SF. It currently has a long term tenant paying $810/month. Built in 1950, it has a new roof, new heating and air, all new electric and other than that the rest of it looks original and beat up. The yard is full of car parts and furniture (or I like to think of it as potential).

I was thinking that I could purchase the home and do NOTHING to it and simply collect rent. Then, if the current tenant leaves invest in upgrades to increase value and rental income.