Advice on a potential deal

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So I saw a house listed on the MLS, drove by and like the house because of the huge lot size 1.05 acres. The house is a tiny 2bed 1 bath with 576 sq ft. Checked title report and it shows that it was deeded from someone who'd inherited the property in 2010, to the new owner in 2012. But there's no sale value...may have been a gift? (not sure). Title report shows no loan/mortgage balance.

My plan is to buy/get the property to keep for self - buy and hold, but not sure how I would go about in approaching the seller? (The property is currently rented...I spoke to the current tenant that's how I know she's not the seller). Should I wait until it's off the MLS because it is currently listed over $300K, but may only worth $150-200K *per Redfin*.

Oh, they also delinquent on their property taxes about $600.

Is there a potential deal in this? If so, what step should I take to try to get this deal? Of course, I won't be paying $300K. Though being buy and hold, maybe a seller financing? At the height of the market (2007-2008) it was sold between $300-$400K.