Which Rules Event should I use to change the value of a Select List field? Use Case:

I've got two select lists 


Due Date
Status


The Due Date is a Date field, the Status is a select list with options: Current, Past Due.

By default, Current is pre-selected.

I want to run a Rule that when the current date is greater than the Due Date, the value of the select list will change to Past Due.

I was trying to experiment with the Rules module, not sure about the event. Would it be Drupal is initializing?

What's the best approach?
Add event entity has a value or data comparison
Add condition according to your select list 
Add action set data value against changed value