Assumable Loan Opportunity

[Matt Plese]

I have the unique opportunity to assume a loan at 30 yrs at 2.49%. The issue being the cash flow isn't great (nonexistent). Rent would cover the mortgage, taxes, insurance and HOA at roughly 3k/month. It's a condo in Southern California, 20 minutes from the beach. I don't anticipate prices dropping in this market any time soon. Purchase price 700k, loan is 490k. I'd go 50/50 partnership and each put 100k down to get us to the assumed loan amount. Mortgage is already 3 years in so principle pay down is at just over 1k/month. I make a good living in the highest tax bracket in CA so I need a tax write off. It's in great shape 3 bed, 1.5 bath, 1156 sq ft. The hoa would handle the major exterior issues and partner already has a good handyman so would be able to handle anything interior for a decent price. The lack of cash flow is the hesitation but rent would go up over the years but so could HOA dues as insurance prices seem to keep climbing in CA.