Help analyzing Sub2 Deal

[Travis White]

I'm hoping some of the brighter minds here can help me think through this sub2 deal I've been offered, both in terms of analyzing the numbers and also some advice on taking on a sub2 purchase (I've done about 1-2 hours of reading on the subject....enough to be familiar but certainly no expert). 

Here's what I know of the numbers: 

House is 4 bed/3 bath, 3100 sq ft

$55k is owed to bring everything current (HOA, mortgage, fees)

$8-12k for rehab - general cleaning, landscaping, 1500 sq ft of carpet, interior paint in some rooms

$164k - current loan balance, $155k after bringing loan current, PITI is currently $1076 @ 3.5%

$1800-1900 current rents in the area

If the loan were called, I would be able to pay it off. 

My thoughts right now are:

- $700-900 per month in cash flow is outstanding

- $67k to get into the deal is a lot, but it would garner ~$100k in equity

- I'm split between keeping the killer loan rate and using the property for cash flow, potentially flipping the property, or actually moving into the property myself (coincidence here, but decent timing/location for a possible move for me)

I'd love to hear some thoughts on this.....good, bad, ugly or whatever. If I can provide more information or answer any questions, let me know!