Is this worth looking in to?

[Matthew Pipkin]

I'm looking at purchasing a single family property as a possible rental and as my first deal. Here are the details:

1. Asking price: $33,000

2. 2 bed, 1 bath, built in 1900

3. Current tenants are paying $375/month, but similar properties in the area are renting for $450 to $500 or more.

4. I would like to speak with the landlord to find out about the current tenants and to talk about the possibility of owner financing, and I would like to get some kind of application and list of previous residences from the current tenants, but the real estate agent says I can't speak directly to either of them - I'm still learning about the etiquette involved. How do I approach this?

5. If I did purchase this property and take on the current tenants I would not want to maintain the $375/month rate. How could I go about increasing it while giving proper consideration to the needs of the current tenants?

6. What other considerations do I need to be making, and if this is worth pursuing what would be the best way to proceed?

Thanks for taking the time to share your thoughts.

-Matt