Possible first deal - SFR in rough shape but with tenant, BRRR?

[KYLE W.]

Hi everyone,

I'm still very green at this and haven't done a deal yet so bear with me and my limited info at the moment, but I wanted to get some initial thoughts on these numbers. My realtor told me this one a day after we first talked, so I'm a little overwhelmed and wondering what questions I should be asking.

Numbers are $165k 2br2ba in a pretty good location of Central Texas, currently rents for $1700 (1% rule) "it needs some work or can keep the tenant. Homes that size typically sell between $275-300k in that area."  This rent is $400 higher than the median for the area.

At first I like the idea of keeping the tenant - I'm not sure I'm 100% prepared yet to do a reno, but I think I could make it happen, probably just scared. I live about 20 minutes away, I know a really good and cheap carpenter who also knows a bunch of contractors. 

So obviously wondering about the price tag for the reno work. What questions would you guys have for the realtor?