I have a contract on two tenant-occupied homes for less than $40k in an area of a city that's less than 2 miles from an area with homes selling from $300k+. (Bistro's, Law Offices, etc.) The less than $40k contract price doesn't cause me concern, because as it's kinda par from the area. 

The strange thing this is... The seller due to COVID is requesting that I don't disturb the tenants, due to COVID, etc. 

He also didn't ask for any earnest money.  So we agreed on an external home inspection and external home appraisal. 

So what's your feedback on the deal? Should I run?

I understand that there's a lot of RISK

To mitigate it. We interviewed a tenant who happened to be outside during our external walkthrough, and confirmed rent receipts and lease terms. 

One of the tenants was outside and we briefly interviewed them. The tenant said that everything was fine and working. No issues with the plumbing, electrical, central A/C, etc. (Tenants would complain, in my experience) 

6 months of Rent receipts and lease terms have been reviewed and confirmed. I also found some recent pictures of the inside from it was being listed as available for rent on "apartments.com".

The next mitigation step, I did was to have a contractor I trust to had to walk the exterior of the properties, saw that both of the houses have tin roofs, and have little "wood" carpentry issues. Plumbing under the homes looks like it's been well-maintained w/ no issues. 

The homes aren't neglected. New porch light fixtures, Central A/C, etc.

Both of them are wood-frame houses on beam built-in the 70's. 

Compared to other homes for similar asking prices in the same city, these homes look "Ok" to good. 

What do you think?