Looks like your typical marginal deal to me . 

@David White There are investors on BP that invest in those types of homes.

That's why I choose to try and keep things as black and white as possible with actions that I can directly tie to a statute. 

(Lowe's is who we use if we want a white shaker) Anyways, you can paint it and poly it.

However, Pasadena is full of older houses that need some modern amenities and features, like higher ceilings, smooth ceilings, new flooring, double pane windows, modern appliances, modern paint colors, etc. 

Find a realtor that you like and they will find tenants, do the background check, etc. with no cost to you (typically charge the tenants a 1-month fee).

An example may include the $$ budget you have, areas you like, you buy with cash or use debt (30% down +/- typically), and product type you prefer. 

You'll see a lot of the same faces,  but the networking alone is worth it and typically they are packed with great information.

Subject to, wrap, contract for deed, an option, or a lease longer than three years all typically violate the due on sale. 

With all things equal the typical break-even point is 2-3 yrs in these areas.