Potential opportunity in property we've rented for 15 years?

[Julian Gonda]

Good day BP community and happy 2020!

As my first post to ring in the new year, I want to share my current situation in hopes to see a potential investment opportunity for the future. 

My family and I have rented our home in the Bay Area (peninsula) for about 15 years now--a 3 BD 2 BR single family residence. Just a few years ago, the owner had unfortunately lost her husband, and he generally was the one to deal with the property (occasionally visiting the home, fixtures and repairs, etc.). She recently extended the opportunity for us to purchase the home at a discount, which may be ~$700K. After looking at recent sales in our neighborhood, homes have sold from $1M-$1.5M. 

I am fairly new to the real estate venture and am excited to pursue it. I do acknowledge my market is expensive but learning the industry and markets will never stop--it intrigues me. Ultimately though, I feel that there is opportunity in this situation and am looking for input/different options I could go for. Does BRRRR apply here?
I do have within the next two years for a definite decision--hopefully between then I already have done a deal aside from this one, but I think it would be a good learning experience (if it is one) to pursue it.

I appreciate taking the time to read this and look forward to responses! *thumbs up emoji*