Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

Moreover, while unlikely, what happens if the market dips and the property's value is less than the agreed-upon balloon payment?

I would estimate it's value at 130-160k.

They did ok breaking somewhere even over a 10 year period, then Covid came and everything doubled Occupancy, Rate and then Value. 

However, you need to offer some value yourself.

If these were good, on time paying renters why would a seller sell and why at 70K below value? 

You will need to investigate on the property market before you can identify specific locations which have higher value gain through pricing and also renting.Explore different financing options according to your financial situation, such as FHA loans or renovation loans, based on your investment objectives.

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Find the meetups and go to them, but first tip would be to generate a value-add on your side.

Options you might think through would be appreciation - is your area / property  appreciating to where it might make sense to hold onto the property for it to build value.