First subject property, only concern is the area

[Jonathan Sher]

Found a 2 bedroom 1 bad SFH in the Saint Louis area. House was built in 1949, is listed as 800 sq ft and has a finished basement. asking price is $26,000. House probably needs 4,000-5,000 in cosmestics, (painting, new counter top, new kitchen floor, several fixtures..)

Pros:
1. New roof and decent curb appeal
2. New plumbing pipes in the basement
3. No signs of water damage in basement
4.Recently painted on the outside
5.I have been told from a reliable source that rents are around $750 a month, I would go more conservative and estimate $675.

Cons: Not the most desirable area, neighboor was pretty quiet though, no suspicous lottering, kids playing in yards, people relaxing on front porches. Median household income for the area is $35,000. I think the numbers are fantastic... but this would be my first property. Any wisdom or thoughts?