I would say one of the biggest factors in buying any home is the condition, can you make repairs yourself? do you plan to pay someone? is it in your budget to do either? We buy homes and improve them to rent them out. Haven't yet bought a dive but everything we buy needs some remodeling. I do all the work myself. However, if you are unsure of your abilities, it would be wise to pay a professional to do repairs properly. If the home is in new/like new condition, this isn't a factor. However, I wouldn't deplete your funds to buy a rental property, I would make sure to have an emergency fund. You never know when you'll be replacing a furnace in the middle of winter.
Rentals are a fantastic investment if the numbers are right. Will you manage the property yourself or pay a property management company? If you plan to pay someone factor this into your debt to income calculations for the investment.