Is this a good "Subject To" opportunity?

[Tom Camarda]

Greetings all,

I found a motivated seller. He owns the house but lives out of state. It's currently rented by a "friend" who pays well below market - just enough to cover the mortgage. He owes 95k and the house is probably worth 95 after repairs. (He used a VA loan with no money down and was instantly under water). He says it needs about 15k in make ready. I have not yet been inside to confirm the rehab needs.

Typically I am a buy and hold investor. This property would rent for 950/ mo. With so little equity and potentially 15k or more in repairs, is this something worth doing as a subject to?

Any other creative options out there? 

I'm all ears!

Best,

Tom