They are often young people who have been sold a line that this is where you start in real estate if you have no money. 

This range often lacks economies of scale and doesn’t attract institutional-level investors.

Living in the property allows you to take advantage of owner-occupant financing, which is often more affordable than investment loans.

@Nick Belsky gave you great advice.In this situation, best to keep it as simple as possible, and I often give two offers; first, perhaps an all cash (way below market) and let the owner know that it is what it is--a below-market offer.#2 would be the seller holds the financing--I wouldn't go to a 30-year amortization, especially with an 80-year-old seller. 

This is a more affordable option but only protects against named events.Comprehensive Coverage: Often called “all-risk” coverage, this protects against most unexpected events, except exclusions like flooding or earthquakes, which usually require separate policies.

We have expansive soils here (clay that expands when it gets wet) as well as some older cast iron lines and even some orangeburg so it's common to see sewer line issues (often just some tree roots that need to be cleaned then the line re-scoped).

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They often come with fewer complexities than multi-family (especially as a first investment) and can offer great appreciation and cash flow opportunities.

The Fed’s moves often ripple through credit markets, and the jump in the 10Y yield has definitely hurt affordability.

This would mean your class of tenant causes more damage than expected, or hail destroys your roof *every 5 years* or something similar.