You asked about the risks and benefits of using leverage in real estate investing.The reality is leverage cannot be avoided, usually, in real estate investing.The risks are you get over-leveraged and your don't have enough cashflow and reserves to weather a market shift, extended vacancy, or major repair.The advantage is you increase your ROI by using other people's money and as little of your own money as possible.

.- no description of condition was provided- it has historical appreciation below the inflation rate.  

If you did I would be concerned that a renter would contact, you and ask you to change the conditions of your advertised rental.

I live in the south, so between high moisture/humidity and weather, moisture is present.  

Age and condition of property operating systems9.

Praise the good attributes of the home but respectfully express your concern for the current condition and ask if there is some help you can offer.

Interest rates are just one component of the economy and you have many different macro-economic conditions that impact housing such as job market, inflation, debt loads, lending standards etc. 

Pests, rodents, severe weather, destructive tenants are also unknown and can only be estimated. 

I had the answers that showed I did my job keeping his expenses as low as possible while also keeping his tenants happy and his property in top condition. 

In TN if they do not attend this inspection their rights to object to the condition of the property is pretty much non-existent.