Would it be a bad idea to buy a single family home built in mid 1930's?

"Good" areas will be priced high, "Bad" areas will be priced low. 

Quote from @Isla Arshad: You know in your heart she's a bad tenant.

Huge counterparty risk, I am just working through a scenario where a correspondent HML in the midwest got defrauded from bad diligence and their funding partner is having to clean things up.

Second main point: Avantstay has excellent systems to find guests who will treat property and neighborhood responsibly.

Which is good and bad.  

When you pay cash for a $400,000 home and rent it out, your rate of return will likely be less than 6%.You could invest in stocks and earn 7% or better.You could put the money in a high-interest savings account and earn up to 5%.I don't understand why anyone would pay cash for real estate, erasing many benefits that increase the rate of return, while exposing themselves to the risk of loss (turnover costs, bad tenants, capex, etc.). 

.: Bathroom Floor at the rental property looks bad as attached.

What @Jay Hinrichs said - I always preach on here that it is far better to have your place sit empty than to have a bad, or even dubious tenant.

But having a backup or two isn’t a bad idea, especially if deals start flowing faster than one person can handle.Good luck finding the right team!