First opportunity is scary

[Taylor Reichert]

Hi, all. I have been saving and looking for my first rental. I found one that has me excited and scared. Asking price... $5250. Yes, $5250. Maybe because its in a bad part of town or maybe because it needs some work - I am handy but have a full time job. The rent comps that I can find (there aren't many) show rent at $500-$600/month. So does the zillow rent zestimate and rentometer.com. The issue is its only for owner occupants at the moment. On August 11th it will be available to investors. 

I can post the zillow link if you like. I did a drive by and walk around. It looks like it just needs to be mowed and cleaned up. Haven't been in yet

My initial questions are:

What would be your personal concerns about this property and what would you look for?

What is your experience with tenants in low income housing?

It is legal/wise to post a preliminary ad such as: "2bed 1bath for rent in XX neighborhood - $550/month"? Just to get some feedback.

I really want to feel comfortable with the purchase. I don't want to crush my dreams with a trouble property :). I just simply don't know how to spot one. 

Taylor