Is this property worth purchasing?

[Bryant Clark]

I'm looking at buying my first property and have an investor friend who's looking to downsize his portfolio. The areas he invests in are C/D neighborhoods but he has done very well with them. He's done some major renovations on this one, it already has a renter in it, and has pretty good cash flow with a CoCR of about 32%. Additionally he's willing to owner finance 30k with me putting down 10k. Also, the lot is large enough to fit another house on so there's a possibility of fitting a modular home in that space.

The down side is the neighborhood, there won't be much appreciation, and only about 5k of equity going in. Also, the prop manager I wanted to use drove by and said it does not meet his min requirements to manage it (not quite sure what that means so need more clarification from him). I'm trying to balance that perspective and what I know about the neighborhood against my friend's success and his willingness to owner finance.

I'm wanting to use it for the cash flow to help save for another property, and to a lesser degree to just get in the game. I obviously don't want to get in the game at the detriment of my finances so looking for some advice on how you guys would proceed. Thanks for any help you can give.