"low value and rent per unit".... 

While this wouldn't be my number one choice of locations, all I care about is making money. 

Exactly.Accountants more or less have a consensus that for landlords, your business starts when your first property is ready and available for rent.

The only way is to rent out room by room.

The home is in a good location - 3 blocks from the up and coming revitalized "downtown square" with boutique shops, cute restaurants, coffee shops.

I don't think you get more rent in 99% of the cases and certainly not enough to pay for it.Also think about your exit strategy.   

Given your situation, I think the best thing to do is 1) work on improving your credit and 2) look to house hack, preferably a duplex or fourplex where you live one unit and rent out the others.

"Take rent the day the other tenant leaves but get it paid in advance". 

Hi –I'm gearing up to rent out my SFH for the first time in the next few months, and just trying to get everything in order ahead of time.

Depending on how well the property is run and the rents.