Saved $30k but thinking of I deviating from my original plan (please help:)

[Bridget D.]

Fellow Biggerpocketers (Yes it's a word..Lol)

I've been reading here on Bigger Pockets for the past 2 years and have gained some valuable knowledge along with getting some much needed advice on a couple of investments that I'm sure I had no business even looking at. With the advice I received I decided to penny pitch, go on a diet (saves on food) and basically buckle down on my spending so that I would be able to purchase all cash at the end of 2012 or beginning of 2013. The saving has been successful thus far. In the meantime I have a neighbor that I've basically walked through the modification process for the last 2 years (she's a nice lady and doesn't understand much about real estate, except the fact that she owns a home). It's been a long battle but low and behold she was finally approved for the new plan that Chase, BofA, Wells Fargo, etc. has going (Global Settlement Act *I believe). The numbers came back and she went from an adjustable mortgage of $2,835 P.I. only and the taxes are $4,491.62 per year which breaks down to $374.30 per month total $3,209.30 TO A $1901.40 payment PITI @ 2% fixed and BACK TAXES OF $57,000.00 being paid back over 30 years. Unfortunately she doesn't want the house and plans on moving out of town next month, she doesn't even want to stick around to shortsale the home. I know she's getting good deal (this is my opinion) considering that 3 bedrooms in our area rent for roughly $2,200.00 to $2,600.00 per month and to add insult to injury she has a single which is detached from the home that could easily go for $800.00 to $900.00. After all of that explaining my question is SHOULD I jump on it?? Which is what she has offered since I have been the one to answer her questions, and she often times just vents which I completely understand. What she wants is $3,000.00 because she has already been saving and has a job waiting for her (a transfer) once she leaves. These are the numbers I came up with and wanted to make sure I'm assessing it correctly (using the lower numbers).

PITI $1,901.14 broken down= $374.30 current taxes $180.00 (roughly for lender placed insurance) $155.55 for back taxes and P.I. $1,191.55

Rents $2,100.00+800.00 =2,900.00
40% of $2,900.00= $1,160.00
$1,450.00+1,160.00 = $2,610.00
$2,900.00-$2,610.00 = $290.00 PLUS I think I should be adding back the $374.30 + $180.00 since the taxes and insurance are included in the payment right?? I can't for the life of me figure out the 50% rule if the payment includes PITI.

I'm either looking at a profit of $290.00 per month or more if I did this correctly. If I could get some feed back quickly that would really help me out as she is ready to do this deal and has already hinted at the fact that she's started reading the "we buy your houses letters"

I sincerely appreciate any and all feedback.
P.S.- We're located in the Westchester, CA area zip code 90045