Much like focusing solely on interest rates, I think if you look at the big picture a LOT of people are in great situations considering a recent report indicates 46% of residential properties are equity rich.

The credit report will likely give you insight on whether or not you want to sign a new lease with your inherited tenants.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Did you include insurance and taxes. 

@Jonathan Snider another con may include the fact that you will now have multi state nexus and tax liabilities, which often times increases complexity for unaware investors

Now the two parties are fighting over the famous name....perhaps name of the ranch was not included in the sale. 

 i would connect with a local realtor . they have access to the MLS which automatically populates reports for the market 

Here are some points to consider:Renovation Costs: Even if you did the work yourselves, you can typically include the cost of materials and any contractors you hired in the renovation costs.

What amenities do you want to include?  

In the Smokies the people I know (including a few of my own properties) who had a lower purchase price have "price discipline" and are keeping rates where they "should be" and adjust for demand.