Single Family: Potential First deal Wholesale or Rent and Hold

[Solomon Fulop]

She's not a looker and its not the best neighborhood from a crime perspective, however, the location is pretty amazing as its right by the thruway and surrounded by a couple of parks / water:

https://www.zillow.com/homes/38-Ontario-St,-Buffal...

Its been on the market a while and there has been a few price drops.  It has drop ceilings which I'm not crazy about, but it's also a 3 bed 2 bath sitting on 4,042 sq feet of what I would think would be choice land.  It may have foundation problems as there is no basement (its underground).  Will need  a roof soonish I would guess.  I talked to the tenant directly and the mortgage estimate is $350 while he is currently paying $850/mo for rent.  He said that the house is settling and that the floors arent exactly level but thats the only problem hes had with the house.

As I am new, I am opening it up here to see how I could make this a good deal, if at all.  The location is so good that it makes me think this is a great deal, but the property itself gives me pause.

Any insight / comments you guys have would be appreciated as I am far from being versed at what to look for and could use another person's opinion.

Thanks BP!