We haven't purchased a single item related to the virus scare.

Other than that, maybe some updated bathrooms or kitchens.I do believe that the rent can be increased to $425 however a $50 a month increase in the midst of a corona virus and possible market crash may not be the best timing so I left the rent at $375 for now.  

What if your tenants all move out or get the laid off like the current virus situation?

My guess is that either 1) some of the offices were vacant and now were rented which dramatically increased the cash flow or 2) the property still cash flowed and given the virus situation, certainty of cash flow (even if small) was better than a one time payout with no other investment prospects readily available.I'm in a position to put 30% down so I shouldn't have any trouble financing the property, but if the owner is no longer looking for a one time payout, my question is there a way to 1) convince the owner to issue seller financing (or some other means) to get them the cash flow they perceive as valuable and 2) make sure I don't overpay for that financing as rates are so low right now?

If this virus panic truly only lasts 3-4 months, and there is so much government assistance becoming available, why do some predict a total disaster greater than the 1930s?

Well if it takes 4 months for rehab we will most likely be at the latter part of the virus.

Is your rental market adding jobs, employment outlook very positive before virus crisis?

The impact of this response to the virus is going to certainly lead to business failures & job losses that will increase the likelihood of a recession that will not necessarily "bounce back". 

If the virus continues for months prices will remain flat, demand will drop, and strategies for REI will probably change. 

I would rather catch the virus than endure all of that.