Thoughts on this opportunity? Long-term below market rent tenant

[Ryan Jones]

Hello,

Currently in position to lock in an all-cash offer on a condo- today! Plan is to pay cash using savings and etrade LOC and then refinance/cash out when mortgage rates are lower. Until then, will pay down the LOC aggressively.

Good price on home (~25% below original list price 45 days ago). The thing is - the current tenant has been there for 6 years which is great but the rent they pay is ~4-500 $/month below market. I can raise it to be ~3-400 $/month below market.

With aggressive LOC paydown, I could be cashflow positive in ~9 months for reference.

What do you think? Worth locking in a property with long-term value if willing to cover costs for the short-term? I will admit, although this isn't my first home purchase, this would be my first time paying cash, first time using my LOC so there are some nerves involved.