Should I assume this loan?

[Mark Maire]

Its a 3 BR/1 BA SFR 1100 SQ FT. With detached garage and mother in law suite detached. The loan is at $110,000 with $20,000 in equity. He is renting it out to a friend for $900 but after researching 3 BR homes, the market rent is for $1050. I definitely think I can get $1100 or more since there is a detached mother in law suite.

The house has a new roof, updated plumbing, and new water heater and he is willing to throw in $3000 for new floors and interior paint; plus fix any minor things during home inspection.

I know this isn't the best deals, but it appeals to me because its nearly nothing out of pocket. What do you think?