My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

Getting rid of pitbulls, breaking up illegal activity, evicting nonpaying tenants, renovating to the studs so we can get higher rents.

Take the payment in 2 or 3payments.

Give proper legal notice of non-renewal and get them both out.

If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.  

Send them a written notice of non-renewal, following your local laws about how much notice you need to give.

We always give a 60-day non-renewal when they are an annual tenant.

Social security number is definitely not required for non-payment for eviction in NJ.

We can't risk a client sending an unlicensed or non-qualified contractor into the property as we share liability for that.  

In many cases, it weakens the lender's position as they did not underwrite the buyer and an owner-occupant tends to pay better than non-owner-occupants.