Anna, I think this would pose as an awesome investment opportunity. The Raleigh Community is a traditional, mature community. I would guess, around a 50/50 mix of renters and homeowners. I assume this is a 3br/2ba; Without knowing the quality of the rehabbed work or the need for the rehab, on its surface, the purchase price is not unreasonable if the property is move-in ready for your tenant. Of course and ideal situation would be to have a tenant in place already! However, the purchase price is comparable to other homes that have sold in direct competition to the location of your inquiry. Your suggested rental amount, in my opinion, is easily achievable provided property condition is average to good. While the Dept of HUD reports that fair market rents for our area for a 3br is around $1043, my conservative estimate would be around $850/mo.