Opinion On If This Subto Deal In TX Is A Good Or Bad Deal

[Brian Willie]

Hi, 

I have a potential Subto deal I can buy in TX but the monthly payment is quite high. 

1. Entry fee is under $15k which includes the RE commission and assignment. Closing costs + TC etc about $3-4K.

2. PITI $2300

3. Worth about $215k

4. Under $190K owed. 

5. Taxes and insurance are quite high-both over $300 a month. 

5. Rate is just under 7%

6. Turnkey property in nice area, large population. 

7. LTR rates are only about $1800-2000

Wondering if it's good to do a deal like this and put it up as a mid term rental? I'm guessing I would be hoping for a cash out refi at some point with the small amount of current equity increasing and the rate coming down a bit. 

Woud you do this deal and if so why/why not? Appreciate any input thanks!