If the old tenants leave you can start fresh and raise the rents.

Was curious on everyones perspective.  

I want to take a fresh perspective on it.

@Kevin Barry seems pretty solid from a financial perspective.

Obviously your parents may just want a fresh start with some money in their pockets but if you choose to pursue the property please share the journey on here as I will likely be doing something similar in the years to come. 

These people will have a real perspective on investing in the area and can give you good perspective. 

Everything else is pretty fresh.

When it has been rehabbed, I would move to the other unit renting the freshly rehabbed unit at top of market rent (if it has a good rehab, it should be able to achieve top of market rent). 

And don't overlook FaceTime and Zoom.When I was building a team and needed to find a like-minded property manager, I spent 1/2 hour every lunch hour calling perspective PMs who were listed on the web.

But in the meantime you can see the new paint and what the house looks like right in the middle of a BRRR rehab.Family room with fresh paint.Staircase with new paint.Front door and front porch view from family room.