Second possible purchase, Deal or No Deal?

[Jason Brubaker]

I'm a long-term buy and hold guy. I bought a triplex about three years ago which was one of the smartest moves I have ever made. It was almost a turn-key and has increased in value significantly (thank you path of progress). I am looking to buy more deals going that direction until I supersede my W2 income by approx 2X.

Out of dumb luck/keeping my nose to the grind a 3bd 1bth (off market) fell into my lap I am looking at today. It has fire damage but structurally sound, and electrical damage from said fire. Seller will will carry the note, no interest, and is asking half the price of other homes in the area. Location is Oregon Portland-Metro. I am floored by all of this, what are the biggest pitfalls I need to keep my rose-tinted lenses open to seeing?