You know, most of the time, I see post like this and go straight to bashing the poster. If the newbie posters keep pulling up properties like this one, I won't be able to do that anymore.
Here's the good news: you can almost rent this at a breakeven point. Depending on what cap rate you're willing to take, it might be there now.
Here's the bad news: whatever you use for a current market rent will be an OMG WTF number by this time next year. 1/1s are hard enough to move these days.
In short, I'm neutral on the idea. It's not the dumbest thing I ever saw, nor would I say it's a slam dunk either. Personally I would not be in a hurry because I think rents are going to contine to slide, and I would look for a larger place thinking I would be able to get a long term renter into a bigger unit (turnover is death for landlords). There will be plenty of these over the next several years, so if it were my money, I'd be inclined to not do it.
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