Def check arv, Dom and repairs etc like others said.

You may be able to tap into some equity and do the repairs but then you'd have a rental property that is 3 hours away.  

Which was after I put about $700 in repairs over the first 18 months I owned the house.So, that's been my experience, albeit a green one. 

I did about 35 buy/fix/sell/rent houses in Ohio over the years and got bogged down in repairs, repair people problems and budget problems.How much fix up do you think is worthy and doable before a project gets to be a real pain?

It doesn't have to be perfect if you have some good references on the property manager you're using, and that property manager can tell you what certain repairs would cost you prior to you doing business with them. 

I'd need a loan of about $140k for purchase and repairs. 

For newbies I recommend adding 20% on top of estimated  budget whenever penciling out repair costs.  

If you have family here they can also keep an eye on your investments.That said,  50K does not buy much unless your are going to do your own repairs.   100k range is better home and location. 

About the Deal:On MLS for 320 daysHeld in a rev trust Listed for around 300k - I would want to put an offer in around 200, or less.Property inspection is available for viewing; it is 90 pages long (basically everything except structure needs attention)Estimated repairs around 200k. 

My newest rental is being made possible by a relationship i have built from a local foundation repair company.