Sub2 opinions? (how thin is too thin)

[Al Bunch]

Not being an expert on sub2's, how thin is too thin. For example:

3/2/2, 1656sf, nice neighborhood in an area that's headed for more residential development.
ARV is a solid $132k
Avg DOM 46
Seller owes $115k @ 4.5% over 30 years, note is 3 years old (4.5% is a guess)
Seller wants $8k in cash from the deal

Thoughts, opinions, anything you want to share about sub2's would be great (except telling me about the due on sale clause and how it may bite me in the hind-end). I'm more concerned with the mechanics and what makes a deal a -good- sub2 deal.