@Annie FrazierIt really depends on how comfortable you are with it and how much confidence you have.

I have experience managing out of state properties so I’m comfortable with that aspect.

I, personally, would not feel comfortable with only $200/mo after my mortgage payment.  

Recommend you look for a size that your comfortable with managing.

I am VERY surprised your state does not have disclosure laws on hazardous environments.

I think people get comfortable and likely don't have the means to purchase a home of their own.

Personally, I would look for a good amount of free training and an environment where the top agents in the office are willing to give you some advice from time to time. 

Playing the game is a safe environment where you can have fun, understand the personality of members of your group, (yes the game will reveal some things about your friends), and you can also discuss strategy. 

These factors combined have contributed to a situation where rents are low for 2/1 units and SFH prices are high for 3/2 or 4/2 houses.The house itself needs some general work, and I am comfortable estimating the costs on that work, but I am not sure what it would cost to turn it back into a SFH.

Such a critical lesson to teach new folks about how to get out of your comfort zone to begin living your dream.Best of luck!