Sub to buy&Hold analysis

[Jason Douthitt]

I'm not positive that I should pull the trigger on this one yet. 

I have a lead on a property with an ARV around $107,000. It needs roughly $10,000-$12,000 in repairs. that includes an estimated $3-4K in foundation repair. Seller is willing to Sub -to with $1000 to her at close and owes $88,000. I figure after paying her, making repairs, taxes, and closing costs, I will be near the ARV on the property. The property would gross $950/ month. PITI is $730.

With 10% Vac plus repair fund, this deal looks a bit thin but this is the best sub to deals I've seen so far. PASS or PLAY? what do you think?