It's brand new inside.

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

If you had a decent war chest of funds for purchase and rehab, the area could be good if you want appreciation for the next couple years. 

Here is a copy paste from a post of mine a couple years ago.http://forums.biggerpockets.com/viewtopic.php?

Hello, I manage a couple student houses.

This is our second rental in Indianapolis that we closed on a couple of months ago, but it has been difficult finding tenants.

A couple of things in regards to saving on taxes by utilizing depreciation correctly.

We booked a couple people so far, with one person interested in creating a mid term lease.

However, if you want to press on, here are a couple of ideas:Install a coin-op washer and dryer and use the revenue to reimburse the tenants.

In terms of what I learned from reading Rich Dad/Poor Dad a couple years, I think I land in the Poor Dad philosophy and I'm looking to break out of that a little, but also am risk-averse at my core.