Rental deal breakdown

[Sorin T]

OK folks, newbie here needing some advice. REO SFR 4/2 sitting on the market for over 500 days, not a bite on it lately (agent says). Decent house, needs carpet and some paint, some work outside, estimate 5K on the high side. Taxes $50/mo, should rent for $1000/mo. Asking is 105K, I'm thinking of low balling at 55K, go to 65K or 70K max (10-15K EMD, no contingencies kinda deal). I'll put 20K down and finance the rest, say 50K at 6%, comes to $300/mo mortgage. What do pros here think? Worthwhile? Your opinions welcome