In person you can tell everything has had several layers of paint so that it has a built-up "gummy" look.

LLC adds a layer of protection from you personally.

Good property management is vital.

Of course the specific numbers, property condition, and demographics of the deal are vital to evaluating it.  

The experience you have gained managing your first home will prove vital for your next rental.

Additionally they grew up in the close knit community and know everyone including future tenants, so on top of the regular tenant screening they will provide an extra layer of verification.

Local knowledge can be vital, and vaguely similarly described comps can be very misleading when trying to establish what a particular property is REALLY worth.How much capital expenditure will be soon required in order to keep it habitable?

Jeff, I want to add one more thing, you should defiantly seek legal counsel in case you have technical questions and you ave other entities that may somehow impact this future LLC, but an LLC is a pass through and offers one layer of protection, depending on how much protection you are seeking you may want to review your position with counsel.

In that lease I would explain they will be hit with another $50-$100 increase at renewal a gear layer.

That adds a layer of expense and can delay simple actions like evictions or garnishments which are easy to handle personally.