4-plex in San Diego with Foreclosure Pending

[Genail Anderson]

I have a lead on a 4-plex in San Diego that is scheduled to be foreclosed in about a month.  The property is worth around $900k per comps but $1.1M is owed on the loan.  The loan is assumable.  All units are 2 bd/2ba.  Property is about 4 miles from ocean.  The property appears to be fully occupied.  Any ideas for creative investing?  Or the analysis on how to determine if it's a good deal (or turn it into one)?  I was thinking along the lines of negotiating with the bank to assume the loan for the current value.  If it goes to foreclosure, the bank will only get the current value at most anyway.  Would appreciate any thoughts...