Less than ideal tenant pool
Here is the situation:
$40K Single family short sale, been on the market for over a year. Seems in decent shape (will check it out soon).
Checked with property manager, would rent for$850-$950. Schools are decent, not great, and relatively low crime. Working class neighborhood. I'd give it C+.
This property meets the 2% rule which is hard to find in my area. Cash flow is great (if rented).
Here's the thing, when I asked PM about tenant pool, he said it's pretty poor, meaning it will be hard to find many qualified candidates in that area.
So here's the question: how much should I care about that? Do I factor in a higher vacancy % than normal? Do I factor in higher eviction costs? Lowering my standards for tenants (and asking my PM to lower theirs) doesn't seem like the right thing.
Thoughts or advice on how to view this potential opportunity? Thanks!