$280,000 house that rents for $2,500 Worth Buying?

[John Friendas]

There's a house I'm considering buying with a business partner as an investment rental. It would rent for what I assume $2,500 with one renter or $3,100 if I did rent by the room. It is an old house but has been completely gutted and rennovated in a Midwest state with a flatline population growth. It's near where I live though. Based on its price and rental income do you think it is worth it? It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.

Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.

Thanks for any advice!