Buying a property - Lease to own a tenant

[Shayne Brescia]

I am currently working on a deal with a seller right now. They originally listed the property earlier this year but couldn't sell it. They are currently renting the property for 1100, in an area that could easily get 1300-1400. The listing price before it was leased was 190k, and in looking at comps that is a fair price. The home could probably sell in 2-3 years for 215 or so with a few updates.

Details:

4BR/1.75ba

1600 square ft

2 acre lot

built in 1997, fully remodeled

Seller has disclosed that they will go down in price for the home, and that they really want to get rid of it. I am thinking of offering 165-175.

The real question I have is I am interested in proposing a new lease offer to the current new tenant. I would like to propose a lease to opwn option. Does anyone have any experience with lease to own? Do you feel this property is worth pursuing?