Investment property with tenant and foundation issue

[Richard G.]

I have an opportunity to buy a 3bed/1bath SFH estimated to be worth $70k for $50k in cash. The home is currently rented to one tenant who has lived in it for 35 years and pays $400/month. The tenant does not want to move, has a low income, can pay up to $500/month, and would plan to live there until they can't anymore.

The house is in good shape except for one of the basement walls that started to buckle.  The owner put an anchor system in place to shore up the wall, that they claim is guaranteed for 23 more years.  

Taxes are $1725/year and insurance is $800/year.  

The owner will sell at $50k if the tenant can stay with rent increased to $500/month. 

My questions are whether this would be a good deal, too much of a headache, other thoughts?