Needs a lot of work but it looks like from the pictures (haven't walked the property) that the floors and such have already been removed like someone was going to try and rehab it.

Interior had hardwood floors, which could be salvaged.

I actually owned my own floor business when I had that attack.  

No floor time, no required quotas, no required meetings, and I get another set of eyes on every transaction looking for costly mistakes.

The unit downstairs from me has the exact same floor plan and square footage as mine and is being rented out for $875 a month but it's been completely updated throughout the inside. 

At 500/600 per month, just make sure it's well insulated, ac/heat works, decent flooring, well-patched roof and slap some paint on it.

Also, as a first time buyer, would you suggest not putting a large down payment down and leaving me more cash on hand to do upgrades to the house (new paint, vinyl plank flooring, minor repairs, etc.)?

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced)3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?

The floors are scratched, there’s spilled liquid on the hardwood floors.

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced) and will refinance later3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?