The building itself is beautiful (on the outside at least), and the price seems reasonable. 

In the red on your primary residence when you find out how much it really costs to have a house, and in the red on the rental side, too.Jon

That being said, the scenario you provided isn't quite the same, so I will slightly modify it here to make it more similar, in order to demonstrate a point - counterpoint discussion, as this is a thing where right and wrong aren't always precise and clear.As a young man, you are dating that beautiful girl, and you decide to let her go (you have the cash in hand, but decide to pay down the mortgage by giving up the cash).

It’s a beautiful property on Lake Granbury with multiple buildings, pool, hot tub, boat slip, two docks, stone patio, and much more all on one acre.

These are all red flags.

However, there is more red-tape with government lending programs, and the seller may be more attracted to cash offers or buyers using conventional bank financing.  

My PM felt the house was clean and nothing raised a red flag on inspection.

Had a beautiful pool & rear enclosed privacy garden.

According to Trulia, it's a relatively safe light green neighborhood, (Midtown is showing up as an dangerous area in red though).

They are not just designing the sub-division, but getting you through a mountain of bureaucracy and red tape.