Lower rent in exchange for property

[Earl McDowell, Jr.]

My scenario:  There's a potential tenant for my 3bd/1bth single family investment property.  The applicant has no criminal background, fair credit, and fair earnings.  The applicant is looking to leave a home that she owns free and clear, however she can no longer afford some of the repairs that are needed in her present home (plumbing).  The 2bd/1bth house is worth around mid-20s.

I'm considering offering her lower rent $450/mo instead of $850/mo, in exchange for the deed to her house.  At this point, I haven't looked at the interior of the house yet.  Her house is the only brick house in the whole neighborhood.

Is that a decent scenario to consider?