By office, do you mean basically just another room in the house? If so, it doesn't sound like a very good deal to me. With Waco, what I have found, is you can get a median price house to rent for 1-1.5% of purchase price. For low end houses, if purchased right, you can even get almost 2%. However, there appears to be (to me, so take for what it is worth) a ceiling in Waco of rent where no one pays $2k or more a month. I'm sure, a few exceptions for outstanding homes. But for average middle class, even upper middle class, I think that is it. So renting a $237k home for .7%, to me, doesn't sound great. Now, if you mean a semi detached or separate office that has its own square footage that you could rent separately, that is different. Still risky, but changes things.
Assuming property taxes of 3500$, 6% vacancy and 9% property management fee, the cash flow can be 100-150$.
With 20% down the cash on cash return will be 2.5 to 3.5%. It's not a lot.
+ves
It is cash flowing
If you choose to manage yourself you can cash flow better
If the area is good, appreciation can be good
Negatives
With close to 50k down, cash flow of 1500$ is not a lot