You're not calculating any sort of expenses in running this rental such as vacancy, repairs, or capital expenditures.

You are comfortable (not running from a job you hate, not recently  laid off, etc) so  nothing on fire here.That said, if you guys have the energy and drive, he.sounds well positioned to fix a fixer to hold as a rental or rehab/reconfigure a nice house for rental or flip.  

best of luck. networking is key, go to as much networking events you can. educate yourself, be a pro at running numbers. maybe even find a mentor in your area that is currently doing it and add value to them

The total monthly rent currently is total $3,400, market would be $3,900.If I run the numbers, it looks like I shouldn't spend more than about $280,000, that seems a lot lower than what they're asking. 

I definitely recomnend more doors under one roof but there is a lot of overpriced property being marketed at this time.

Sometimes it smarter to take the win and run.

If the management company doesn't do anything, you could ask the tenant to reduce the smoke by putting towels under their doors or open windows.

It could open up some doors for you in the real estate market, even if it's just for a few months.

If you intend to expand to multiple property ownership, or if you do or intend to have other assets you wouldn’t want to jeopardize by real property ownership liability; then spending $350 - $550 to set up an LLC, and $125 for tax software to fie taxes, and 3 minutes to go online once a year to file a one half page information report, seems like a small price to pay for the protection, peace of mind, possible retirement plan benefits provided.   

Newer homes are not always the "safest" - you'd be surprised at some of the high cost repairs that even new homes run into.I don't have an age limit on homes I would operate - many of mine were built in the 1950s and are great structures!