would you subject to this property

[Mike Landry]

townhome, class A area built 1983

1 year lease signed in july at $1000

Balance on loan $72,000  Retail value $85,000 conservatively.

Seller willing to pay all closing costs if legal?

Price for acquisition $0

Annual numbers.

gross rents $12000

taxes  1800

insurance  800

hoa  2175

NET INCOME $7225

Debt servicing $503/m - $6036

6% interest about 140 P 360 I

Leaves 1189 cash flow to account for vacancy and mx

My opinion is that it should break even if not eek out a small cash profit but it will acrue $1800 of equity a year.  Considering it will cost me nothing except a mx inspection and time initially i'm thinking its worth the risk of vacancies and future mx.  It is in an appreciating area. 

Would you?