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If you can spare the dough, though, that does look like a phenomenal investment opportunity to me -- one that I'd seriously consider sniping from you if I had spare cash, in fact! I just wouldn't count on getting much if any return on that investment for at least a couple more years, especially as (I assume, anyway) you're not all that familiar with the area, and especially with what the rental market looks like down there.
If you do want to go for it, though, I would suggest getting in touch with a property management firm in the area, and talking it over with them. They'll probably know better than you what you could expect to get for rent, and what repairs are likely to run you annually. A landlord's association in the area may also be a good resource for you.