How 2 Structure This Condo Deal? (Or IS it a deal at all?)

[Vonetta Booker]

Just got a call from one of my yellow letters. Guy owns a 1/1 condo in the north ("nice") section of town, has a renter in place who's been there for a few years & pays $1100/mo., says he has no issues w/ the HOA. He paid about $40-$50k for it 20 years ago (now condos in his complex go for about $60-70k). Pays about $3100/yr in taxes (yes, this city's taxes are notoriously sky-high).

He kinda sounded like a tire-kicker; said, "Well I got your letter, figured I'd call you...I'm always looking to sell at the right price but not for $.50 on the dollar." Okay.  I told him I'm also a licensed agent (an option I keep open in case after talking to them, the seller wants market rate above closing quickly/cash)--he said he didn't really want to disturb his tenant w/ a lot of agent showings.  

So, based on the above info, is there any kind of potential deal here? Or is he one of the many non-deal calls that tend to come through?  (My issue is that when I get calls, I'm not sure yet how to potentially & creatively structure them the right way!)  

Based on the comps, I doubt if there's enough of a spread to wholesale or rehab.  Perhaps a seller-financed buy & hold?  Not sure, but feedback's always appreciated!