What do you think of this subject-to deal in Metro Houston?

[Dani Beit-Or]

Subject-to deal: 

Cash required: $35k + 295k existing mortgage + 5k in misc = $335k for a 350k 2021 house.

Pros

2021

35k needed

3% int. rate

Good schools

Good location 

CONS

$145/m in HOA

Cashflow is tight

Mortgage Info

Last Recording Date 10/6/2021

Loan Type CONVENTIONAL

Original Loan Amount $319,105

Loan Term 361 Months

Est. Interest Rate 2.99 %

Est. Loan Payment $1,341 

Est. Loan Balance $295,000

Loan Maturity Date 11/1/2051

Property Specifications:

SFH

Bedrooms 4

Bathrooms 3

Square Feet 2316

Year Built 2021

Garage Size 2

Schools Rating (scale 3-30, 30 is best) 18

Lot size (sq ft) 7,631.0

Purchase price: $330,000

Market Value: $350,000

Estimated Financial Assumptions	Monthly	Yearly
Rent (upper)*	$2,350	$28,200
Rent (lower)*	$2,250	$27,000
Property Taxes	$425	$5,100
Insurance	$200	$2,400
Repairs	$65	$780
Property Management Monthly (%)	0.00%
Property Management Monthly ($)	$75	$900
Leasing Fee	$95.80	$1,150
HOA	$146	$1,752
Vacancy Rate	4.00%
Total Fixed Expenses	$1,096	$13,150
Total Expenses (Fixed + Mortgage)	$2,620	$31,437