working to buy a duplex sub2 here are the stats!

[Elliot Smith]

Hey I am looking to purchase a duplex that I got off my mailers. The owner said she just wants to be done and will sell it to me for what she owes. My thoughts are that I want to buy this with a contract where she still has the mortgage. This way I can get into it with no money down. The PP is about my max of what I would consider a decent deal for this area right now. Numbers

PP $148,000 each side is a 2/1 800 sqft

Worth as is $170,000

Rent $1650

8.3% vacancy $137

taxes $175.75

Insurance $67

Water/Garbage $90 ( I will change this as I change tenants)

NOI $14888

Mortgage payments $998 ( this includes taxes/insurance)

Cash flow $5821

I want to just to just take over her payments on a contract then refi out in a year or two. However I have very limited knowledge in this area.

I know this can trigger the bank to call the note but has anyone had that happen? This was a BofA loan that was sold to flagstar bank.  

This property does need some work but I live a mile away and can fix a lot of it. The roof will also need to be repaired in a year or two.

Any imput would be grateful!

Elliot