Deal analysis help!?

[Mason Moran]

Hello all!

I am attempting to do something I've never done before and am looking for advice and let me know if I'm missing something?

I have a friend who has been out of town (I'm in Southern VA, my friend is in Alaska) and been without a tennant since October and constantly tells me they're done with this property. It hasnt sold yet listed for 179k (meets market value).

The property used to rent for 1400 and the mortgage is 900 (PITI). They did some renos over 15k worth and said they just want to make that money back. I've offered to pay the 15k and take over the mortgage (118k). My plan is to rent it for 1450 to 1550 a month (average rent in the area) and I should have about a 45k equity position at least.

Is this a good deal (trying to help both my friend and myself out.) This looks like a great deal because I can secure 15k loan for 0 down. Any advice is welcome thank you so much!