Is this for your investment house? Since I am not in your area, I can't give the direct judgment.
Here are some check points:
1. Is the house in standard living condition? If needs repair, how much it will cost?
2. Some old house is still at livable condition, depends on owner's maintenance level
3. How much % price drop compareing peaking time in 2006 or 2007? How much % price drop for the same zip code avergely?
4. How much market rent will be?
5. What's the future prediction? Is it located at a good neighborhood? If so, why you think it is at good location?
