Subject-To Deal Analysis w/Numbers - Does This Make Sense?

[Daniel Karbownik]

Hello BP community - I have a possible sub2 with a motivated seller.  His job has moved him and he must sell.  I'm not sure the numbers will work out from a cashflow perspective, but I want to see if anybody has any advice on how to do something creative here to make it work.

Seller bought condo for $119,000 in 2012. Asking $115,000, but comps in the same complex are going under contract for $99k. Seller took a 15 year mortgage for $107,000 at 4% interest ($791 P&I, + about $50 PMI = $841/month on existing mortgage). Seller has about $92k left on the mortgage.

Yearly Taxes = $3000 = $250/month

Condo fee = $300/month  (this sucks)

Comps in the area rent for about $1,400 a month.  

Just purchasing for what is left on the mortgage and taking it over, and giving him no equity gives the following monthly:

Mortgage = $841

Taxes = $250

Condo Fee = $300

Total = $1,391

Obviously I can see the numbers don't make sense cashflow-wise.  But what I'm really wondering is if anybody has any input on whether or not you could make this situation work and be profitable as an investor.  Is there anything creative to do here? Other than making the seller sell for less than he owes on the mortgage.  Is a motivated seller not always a profit-making opportunity, as in a case like this?  Or - if he won't take a short sale, does that go to say he's just not 'motivated' enough?