Subject To in a C- Neighborhood

[Maurice Lightner]

I have the opportunity to acquire a house 3/1 in a C- Neighborhood. Now I’m familiar with this neighborhood and myself and my girlfriend used to live close to this area. 

The seller is under water on the house bought it for $150K, but now worth about $130K. He wants to move out of state for a better job, but is stuck because of the house. 

The mortgage is about $1200 a month, pretty much what we are paying in rent right now. 

Our goal is to take over his payments and move in the house and rent out the 3rd bedroom. 

Is this a good idea or not? All suggestions are welcomed.