Most of the major MSA's are already oversupplied with more inventory scheduled to be delivered over the next 12-18 months.  

I might rent out a room in the house once I get a couple of bedrooms a bathroom and the kitchen finished.I will move out and refi to get my initial investment out once I'm finished with the majority of the rehab finished and then rent out the entire property.Hopefully by the time that's complete the market in my area will be more forgiving.

@Amadeus Hladun where do you intend to get the renovation funds and do you actually have the skills to estimate correctly and execute a fairly major rehab ??

I'm concerned with a major liability. 

As to whether it is a decent deal, unless this thing is in a major growing city you can probably find better if you aren't including a management expense.

Fire damage can be minor if it isn't structural or it can force a tear-down or major renovation. 

Within those 3 years we updated the flooring and put some fresh paint on the walls.. nothing major at all, maybe around $5,000 total in improvements.

You can structure it to where the tenant is responsible for all the repairs but be careful, if there is a major repair right after they move in they may think that you sold them a lemon of a property with pre-existing conditions that were kept secret and that could create big problems for you.

Really, the only major con I had was just having a roommate.

And positioned to not get hurt.If anyone an make sense out of opportunity zones @Natalie Kolodij will do  it.One other option that could make sense is to take $150K cash and put it into a debt free fractional product with a long term corporate lease.