First time RE inv opportunity, right next door?

[Erik Sorensen]

Hey all, 

First post here on BP, so hopefully you can help me out! The owners of the house across the street (previously rented) from our primary residence is being prepared for listing, but I approached them today to see if they were interested in looking to do a private sale. My wife and I would like to get into rental real estate and I'm not seeing too many negatives about this potential situation. Based on informal discussions, they would be looking for sale price of approx $125k and current rents for $1,200. Would love any feedback on pros/cons of renting something so close to our primary residence. This would be our first rental so needless to I am excited just hearing about this potential opportunity. 

Thanks for all your help! 

Erik