To answer your questions it really comes down to a personal choice and how much money you might need for the "dream home" and if you are willing to wait for that to happen.

They have had a person on site that just collects rent every month; that is the extent of management they have currently.

Multifamily, retail, office, hospitality, etc.Are you looking to stay local in Westchester or open to mentoring someone in nearby markets i.e.

It's easily $85,000 smackers just to buy the property and you get 7% interest so your monthly payment on $320,000 principal is $2,129 plus taxes and insurance.

Do note, that even Airbnb recommends getting a lease signed for monthly stays. 

We're looking at coming in at $134k and raising all rents to a minimum of $700/month with an exception for someone who can be an on site handyman. 

What happens when the "new buyer" takes possession and moves in but one month later decides to not make any further payments? 

If you bought it “subject-to,” you’d take over that rate and payment of ~$1,700/month.

@Michelle Hardy, I don't understand the once per month strategy for open houses.

Quote from @Tim Aiken: I have a house in Bellville and I would like some help on deciding to fix and rent or sell the house, so I may need an agent to discuss the options,  looking at a timeline of 1to 2 months before the house could be listed if that is the best direction.