Does assuming this VA Loan make sense?

[Drew Graham]

Good morning BP!

I was approached by someone who is moving to another state and would like to sell their house. Unfortunately, they owe about as much as the property is worth ($270K). After closing costs and commission, they would be in the hole $20K. Their lender said they could have someone else assume the loan because it's a VA loan. I'm active duty military and would qualify for the VA loan. I'm interested in this because it would allow me to add a property without having to put any money down. The home was built in 2017 and is pretty much new. The rent would cover the mortgage and possibly a little more. My thoughts are, I can add a property without putting anything down or any rehab. The area in which the home is located will continue to grow and create an opportunity to raise rents and build equity.

Is this a good idea? What do you see as the pros and cons?

Thanks in advance!

Drew