Advice please

[M Lindgren]

My real estate investing thus far has consisted of buying oceanfront condos and renting them week to week. The play has been to break even on the cash flow and hope for appreciation. So far I have done alright-would have done phenominal had I sold 2 yrs ago but I will ride out the current lull.

I am looking to buy a rental (buy and hold) property. It is a single family house and will be auctioned off on Wednesday of this week. My thoughts are to bid up to $35K. Ideally I'll put a minimum amount down but have the ability to buy it outright. The house would rent for $800-$850/mo.

Is this a decent deal? It is in Michigan so I might consider going section 8 as it is common here for people to lose their jobs and squat in rental houses. Section 8 would help assure the bills are covered.