Renovating a Casita

[Josh Baca]

Good afternoon you all. I'm coming here to ask for a little advice. In the backyard of the house I currently live in in Albuquerque, NM, there is a small 1 BR casita. It is not currently livable as I have been using it for storage and to play music. In order to make it rentable again, it would cost between 15-20k. From what I have seen from comparable rentals, I could expect to rent it for around 550-650 (although I could be off because I have never done this before and I am not an expert). The house is paid off and I am looking to start investing in rental properties. 

Would this be a decent investment opportunity? What questions do I need to take into consideration?  Is there anything I should research or are there any good resources I should look into?

Thank you for your help and have a great start to your new year.