what do you think of this problem and solution?

[Angela Smith]

We are brand new to this.  Hubby and I have our first property rehabbed and ready to rent.  It's been advertised for 3 weeks and we've had some inquiries but only 3 showings.  Now, we have our first applicant. 

The bad:

credit score is low

Income is just barely over 3Xrent

The good:

has been in the same job over 3 years.

Has a solid rental history with no evictions

Has a clean background check

Car is paid for

More info:  this is a single guy, 22 years old, no pets, but is a smoker (at least he's honest about this).

We really want to get a tenant placed and we haven't had any other applicants.  So, here's my thoughts, please let me know what you think:

We approve him for the property with security deposit and first/last month rent paid at lease signing AND we place him on a month to month lease.  Therefore, if he doesn't make good on his rent, we can give him 30 day notice to vacate.

What do you think?