Note Analysis

[Joe Martella]

good morning all:

So I found a note that I decided to do some research on, but don't know if I am considering everything, so I come to you to get your opinions to see if I am on the right track.  The property is in Memphis, TN (Shelby county) -a non-judicial state. 

Seller is asking $750.00

UPB: $41,485

Original balance: 47,700 originated on 2/4/02

Interest: 8%

Mo pmt $350.01

Delinquent tax $1,102

BPO: $16,900

If I was to purchase this note and worst case scenario is that I foreclose I was thinking I would have about $6,000 wrapped up into this deal (750 note purchase, 1102 taxes, 5,000 foreclosure cost) with out any repairs to it.  Is this bringing me too close.  How good are the BPOs you receive.   I know you have to verify everything.   All information was updated on July 11,2015.  What do you all think?   If I can't sell it perhaps I can rent it to recoop my money.  Anyone know this area?