Crossword Genius

Having a decayed property to rent out (6)

Ross

I believe the answer is:

rotten

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'having a decayed property' is the definition.
I can't judge whether this definition defines the answer.

'to rent out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'to'+'rent'='torent'
'torent' is an anagram of 'ROTTEN'.

Can you help me to learn more?

(Other definitions for rotten that I've seen before include "Decomposed" , "Informally, very much" , "Morally despicable" , "Decaying - quite putrid" , "Corrupt; very bad" .)

I've seen this clue in The Globe and Mail.
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