Vacancy Rates and Rental Markets

[Adam Buffolino]

I'm interested in purchasing my first rental property in Atlanta, GA. However, recent reports show rental vacancy rates over 11% and unemployment rates around 10%. This makes SFH priced extremely low. However, I'm worried it will be difficult to put tenants in the house. Would vacancy rates detour you from entering a market?
As an aside, I could get a 3 bedroom house for $60K. If I went though the section 8 voucher program, I could potentially bring in $1300 a month. I've heard the average 3 bedroom payout from the gov't is $1300 for the Atlanta area. Can anyone confirm this? Also, do these numbers sound like a good investment for a first time investor?