Find out why he/she has only 500

First of all, I am not sure if you know that most people who rent in TX do not have great credit scores. There is a reason why ration on rent vs. property value is high. High return means high risk.

Said that, it does not mean below average credit score means bad tenants. You need to find out why. Is it due to lack of credit history, bankcruptcy, or huge credit card debt? Does he/she have a family or a decent job? Can he/she provide ex-landlord references?

Sometimes it is more stable to rent to poor people if you can find a good tenant. Since they can not afford to buy, they would rent for a long time. Of course, the trick is if he/she can pay the rent on time.

As this is your very first time, I would suggest to rent to someone with high score, and also have a job. Demand references from ex-landlord. You will be surprised how much you can find out about the tenant's habit.