Help me analysis this deal

[Kerry Brooks]

SFH on Lake that is part of an estate that I am one of 2 beneficiaries of:

265k value (could buy for >50% probably 125k) would do 30yr conventional loan for purchase price and leave my equity in the home for now. The problem is it is outdated and sm for the area so it is not a very attractive sale at the appraised price  and rent would only fetch around 1200-1300 a month as a rental. When I run analysis on the numbers, because of low rent, it just does not look like a deal. I could do a major rehab but don't think the market is hot enough in the area for that right now. Have I missed anything or is this just not a good deal to buy and rent. I could always just wait for it to sell but would like to keep it if the numbers could work. Any advice?