Foreclosure Completions Increase Annually by 64 Percent in November 2022" and that "foreclosure activity remains up 57% from last year".

A person came by and was interested in renting it out and was willing to put some work in it.

My wife and I are moving, and we're debating whether to rent our ~2400 sq ft 4 BR single-family home in Newark, DE instead of selling. 

Not everyone starting off gets hit with this, and if you can buy a portfolio it can "de-risk" the issue to some extent, but if you have one property and experience an 8-9 month fight to collect rent prior to eviction with a large repair bill after that it can be very painful.ALWAYS use a licensed PM in Detroit. 

He did try to rent it long term without much success.

Especially if the condo can be a STR, an ocean view makes it more valuable...not to be a "butt head", but people can buy/rent and look at a parking lot anywhere for much less.If you think you've got a good agent, take their advice. 

I’m considering getting a 4 bedroom for 130,000 but want to make sure I can live in it and rent it out.

It's now nearly fully occupied and rents are going back up.

My one investment lost money over 5 years, never received any rent disbursement.

Can you increase the NOI to justify overpaying?