A Deal or Not?

[Brandon G.]

So I got my first call today. The guy seemed rushed so I didn't get much more than an address and we agreed to talk more later in the week. But I've done some digging and it's not looking good.

I ran some comps and I got the house right at about $47,000. I did a driveby and I'd say it's gonna need at least need 5K to 10K in repairs.

According to property records, he took a 30-year mortgage out on it for $47,000 back in September of 2000 (is it strange that it hasn't appreciated any in 15 years?). I figure he still owes about 32K. 

I just don't see anything here except maybe a mortgage wrap. If I did that I figure I could net about $4,000 on the sale and cash about $125 a month on the spread. But is that even worth the hassle?