deal analysis help

[Michael Sherwood]

Guys,

I have done many deals but this one I am not exactly sure how to get it to work out for everyone.

I know someone who bought a property for 115k originally . The market has turned and they can't get that much now.  The mortgage is assumable it ends in 2022 and has a rate of 6.7% home equity  with a PI of 600 a month.  The current outstanding balance is 38,500

The guy wants to cash out what are your suggestions?

the total rents are 1,4000 per month (dplx) 

taxes are 3,700 a year. 

water 70 a month 

maint 75 per month

insurance 75 a month 

the neighborhood is good and the tenant base is very stable ( B level tenants)

what suggestions would you have or additional information needed?