@Ryan DodsonI won't speculate as to how the current economy will impact real estate prices in your area... but generally speaking if you find a deal that makes sense to you financially (ie you are achieving your target cash flow and return on investment) then I wouldn't wait. 

Would this impact appreciation and resale prospects?

Companies like Airbnb might drag their heels & call it age discrimination until it impacts their Public Image and then suddenly it's not!

We have a small business as a retail tenant who has been impacted by Covid like many business.  

If your finances haven't been significantly impacted by the coronavirus, you may decide to keep making monthly payments."

The question is by how much and compared to historical averages to determine how much of an impact it will haveThe govt will play a large part since they control 50% of the mortgages in this country.

I've also attached some articles that I thought were interesting, that may be helpful:https://www.insidehighered.com/news/2020/05/18/its-not-so-much-when-colleges-reopen-its-also-howhttps://universitybusiness.com/how-is-covid-19-impacting-student-housing/https://www.nytimes.com/2020/05/19/us/college-fall-2020-coronavirus.html

Senate Bill SB 939 is being introduced in the California Legislature, which will seriously impact all our livelihoods.

@Daniel Leathers there have been recent changes in the lending guidelines for people impacted by Covid, she may benefit from trying to finance the property owner occupied. 

If you are thinking about college consider the impact that may have on where you buy your first investment property, as well as on your finances.