I deal with a lot of investment properties and have done quite a bit of renovating myself. The best way to find out is to take a "deeper" look into the place. If you would like I could set up an appointment for you to see it. An inspection will also give all the details as what needs to be done to it. This property is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing. This is a lot of SF for the price. The area is hit and miss so to speak but I agree with Stephanie, I would check out the crime stats in the neighborhood.
This property is located in North Buena Vista - an area still in transition between Germantown and Metro Center. It has been on and off the market since August 2008 and is now bank owned. Origianlly listed at 90k, but now down to 57k. Says it needs quite a bit of work, but still qualifies for Express Path financing.
To learn more about the neighborhood I recommend searching Metro police crime stats at Nashville.org.
I also find walkscore.com a good research site.