Please help me analyze this deal.

[Ricardo G.]

I have a contract on a sfh. 2b/1bth 600 sqft. For 21k ...It's sitting on a commercial lot C2 zoned.  It is currently rented for $500 a month. And the monthly rent will be well over 2% .  Tenant has been there for over a year and asked me if he can stay there.  

The property has an arv of around 45k. But needs about 10k on repairs.  It meets the 70% rule.. But it's still very liveable in its present condition.  What are some creative ways too make the most out of this transaction? I'd like to keep it but was wondering if I could come out better with a different approach since this is my first sfh on a commercial lot. Thanks you guys.