Tiny OKC rental house, worth it or not?

[Tyler Weinrich]

Came across a house someone is trying to get rid of in Oklahoma City (May and 10th area) but I'm hesitant on doing anything with it because of the size. The house is under 800 sf. It's tiny. My gut and general advice tells me don't mess with small homes but I wanted to see what others would feel comfortable doing in this situation. 

ARV: $62,000 - $58,000. 

Details: 3bed, 1.5 bath. About 80 years old. Recently had new roof, siding, and gutters installed. Hardwood floors. 1 car garage.

Repairs needed: Refinish hardwood floors. Install new water heater. Move breaker box from inside a cabinet to a safer location. Replace a couple interior doors. Nothing too major. 

Purchase Price: $35,000 (currently at least). This is pre-negotiation.

House could rent for $650-$700, maybe a bit more. I'm hesitant to buy it because it's so damn small though. So I figured I'd see what the community thought.