Hello, We have a triplex in a lower-income neighborhood in the Tampa Bay area.

Part of me thinks this is the lower conflict route but part of me thinks the cats will do way more in damages than the $1,600 I would get in pet fees over four months.

If I were you, I'd pass on this property and look for something else (and I suggest a 3 BR) under $80 that you can put a little rehab into, unless insurance pays your family member a bunch of money and they accept a much lower price. 

Your PM should be making recommendations on updates you could make to get it rented, or recommending to lower the rent.

They are lower than what I’ve been setting and getting. 

With $50k, you likely have enough to get started, especially if you target lower-cost markets or use a strategy like house hacking.

If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market.

The price was lower than anyone else offered.

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

You’ll learn the ropes on how to be a landlord with a lower risk/higher quality tenant-base.