SWEET.ANYWAY, when buying especially your first property buy something of quality that you 'would' choose to live in and rent to tenants you thoroughly check out: verify income, pay stubs and 3 mos of bank checking account statements!!  

I've had lots of bad experiences with property mangers, but if you have a good one to recommend who needs more units, I'd appreciate the tip.Thanks AllJon

And it's not even a bad area.

Not bad for my first property!

Just like a bad tenant who raises red flags, you want to deal with those immediately before things progressively get worse.

Most buildings don't quality for a 75 LTV more 65 or 70 sometimes 60 :-/If you can partner with some other owner who has units for cheap to offer alternatives. 

The Numbers: The house was a short sale, listed at $200,000. 1962, all original interior, bad shape, 1500 sq ft up, and 950 down.

I would like to know if anyone thinks this is a bad idea. it will be my first investment, but I figure renting to my parents (and making all the necessary lease agreements, I know very well that their rent will always be there at the end of the month.

It's sad seeing these great properties just sitting there rotting away while making decent neighborhoods look bad.

If the area is in a bad area of town, do as @Ray Slack says.