Subject to + 25% down

[Owen Hogarth]

Hi guys let me know if this is a deal or dud

i've never done a subject to before but this property is in down town S.F.

the building 59 units
average rent 1,500
3 vacancies
current NOI 661,475

the seller wants 2.4 million down and will do sub2 the existing mortgage of 5.9 million

do you think this is a good deal
again i have no exp. with sub2 so i'm not sure, the property should have no problem carrying the existing debt i think so what's the sellers motivation for selling a nice property in down town san francisco?

owen