The more I hear other opinions the more cautious I've been getting however I do think that it would be a decent option based on my area if we could get it for the right price. 

For rental condition, make sure everything is clean and functional (and safe) and has amenities similar to those in your area and price range.... no need to make it look like HGTV after shots...Some of these items you list sound cosmetic and it may fair well in your rental market as is or with just some minor fixes (again, I would look at similar units for rent (not sale) in the area to get an idea if formica and older carpet is the norm in your area and price range...)And I would simply look at temporarily blocking off or restricting the fireplace use, clean the carpet, tack on the molding.

It is near a "not so good" part of town, definitely not the worse, but is in a pocket within the city where the neighborhood is actually pretty decent compared to the adjacent areas. 

The outside bricks seems like in a decent condition. 

I run any decent looking property that I get sent to me on the MLS through this and time and time again I find near 0% Cash on Cash returns. 

Military are allowed to take their pay as a lump sum prior to being deployed in order to pay bills ahead.I made decent tax free money deployed and spent hardly anything.

-I have a low credit score (about 600) but may be able to get a guarantor if I need one-Make decent money (sub six figures but close)-Have enough to cover 30-40% as a downpayment plus another let's say 10-15k in repairs, but nearly all of it is tied up in my 401kI hope I gave ya'll enough information to be able to help me.

House sits on dead end street in decent neighborhood.  

I've got a couple decent candidates I'm considering, both with pros and cons...1st OPTION:Doctor + retired woman, both mid-60s, no kids, no pets~ 9x monthly rent in income2-year lease... potentially longer termGreat credit score-- However --Tax liens, bankruptcy, both have "messy" divorces in past couple yearsOnly been dating for about a yearDUI, expired plates, and another charge I'm looking into--2nd OPTION:Young couple, Dad + stay-at-home mom, baby, small dogRelocating from Texas~ 4x monthly rent in income1-year lease... almost guaranteed not longer than thatAlready had higher house payment in Texas, so rent would be cheaperExcellent credit scorePerfect background checkPerfect credit reportSo the question is, do you go with the older couple without the pet who's already interested in signing a 2-year lease and could potentially stay longer?

I make decent money through my day job as branch account manager for financial institution but would like to get started on a rental property portfolio.