It wouldn't have the best reputation in the town but not the worst either. Main reason for low rent and indeed low purchase prices of that development is the proximity of the halting site.
Areas of better reputations would include Rocklands on Cootehill road, Cluain Aoibhainn and Pairc Duin near rugby club, Drum Carrig near swimming pool. Further out from town you have Latt Hills and Drumgola Wood, plenty of houses and rooms to let out that direction but approx 2 mile walk to town. Basically there is loads of property to rent in Cavan, try the Anglo Celt classifieds, out on Thursdays. I'm from Cavan by the way so post back if you have any specific questions and I'll try and help.