This is a DSCR ratio of 2.01 and an annual cash on cash return of about 34% (30k cash invested) This would be a good long term play.  

Thanks for your replies.Bob P- you said "You will become involved in a lawsuit if you proceed"  How do you think that would play out?

The appreciation play is just hard to come by in the SW part of AR. 

Playing with some DTI calculators I’ll be hovering around 50%.

Sure, they play pot odds and ensure they only take on good cases.So... it depends on your W-2 hours spent... and your tolerance for pain (risk).

For me, if I had $1M I would go the appreciation play and look to buy a property in an A area that will appreciate over the next decade.

We do not suspect foul play because apparently that tenant's relatives have reported to the remaining tenants that the MIA tenant has moved in with another relative (but did not give that MIA tenant's new contact information). 

Is this playing with fire? 

I work / live / play in the PHX metro area, so you've picked a great market I'm very familiar with. 

But most clients think that we handle things in 15 minutes when in reality a boundryline agreement with a neighbor may cost, 24 miles, 3 trips at 30 minutes each, a bottle of Makers Mark, playing catch with the neighbors BermesHuskLabraSpaniel and a 15 minute consult with the clients attorney who has the form.