Definitely work with your tenant to come up with a solution if they are having problems paying rent, covid changed the way properties will be managed forever.

Have they owned it forever?   

@Jacob Maes I know that some investors cash flow fine with condos in certain areas but it isn't something I'd be comfortable with because of all of the external factors that could be at play.

ValuePenguin is a good source for the relative cost of insurance by state.Investment TeamAfter location, the most important success factor is finding and working with a good investment team.If you needed surgery, you would not start medical school.

However if you draw on the line, the payment will need to be factored into your DTI calculation for the purchase. 

The main limiting factor is that your primary residence is a singlewide.

There may be some local factors (nearby construction development or major change) influencing the owner to sell at a discount OR perhaps the owner has not been keeping up with capital improvements and the tenant base as suffered and therefore actual collections of rent have been impacted.

It doesn't factor in all the work you need to do to manage the place.

I did want to note that the $800/mo is factoring in a newer, slightly higher mortgage after pulling cash out to fund a rehab to the property.

The answer to your question is heavily dependent on multiple factors such as being a good manager of things generally speaking, how well you do your tenant screening, how comfortable you are with bookkeeping (if you are going to do it yourself), if you have a good selection of service providers in the area etc.