Walk away or stay help with this deal analysis

[Shema Turner]

Seeking some insight on a deal I was looking at.
Cost of home is $27000 2 bed 1 bath per side built in 1958 (foreclosure)

Info
Vacancy rate 12%
Its a B to C, class neighborhood (More C). Crime is low in that area.
average rent is 560-600
Price Per SqFt: $46
Monthly Mortgage 360
Renovation: 20000 ( estimated)
Loan: fha 203K stream line 30years 450 monthly mortgage.
Square Feet: 1,650
Monthly Property Tax: $95
Monthly Est. Insurance: $22

Using the 2% rule and have to account for renovation cost, its not a good deal, but I am aware that the 2% rule might not apply to my market.

Would you do this deal?