Deal Analysis and Advice on NPN. Grateful for all feedback!

[Patrick Mahnke]

BP Community-

Thank you for all of the help in advance! Below are two 1st position NPN that I would be purchasing this coming Friday. Any outside advice, perspective, recommendations on exit strategies, areas of concern, etc. would be greatly appreciated! I am contemplating exiting via outright sale of the property, keeping as a rental, or selling via seller carry back.

NPN #1: ON THE LEFT SIDE

The loan is "out of statue" (last payment in 2009) so I am anticipating exiting through the property. Not sure if property is OO or vacant yet.

State: NC

NPN #2: ON THE RIGHT SIDE

The loan would not be foreclosed upon. Borrower has agreed upon a Deed in Lieu. Property is vacant as of now. 

UPB	$53958.97		$55263.38
Purchase Price	$5837.00		$2000.00
Delinquent Taxes (county)	$2165.78		$202.00
Delinquent Taxes (city)	$263.00		$0.00
Foreclosure Cost	$3150.00		$0.00
BPO	$100.00		$100.00
Title Report	$100.00		$100.00
Recording of Assignment
Total Cost of Note	$11615.78		$2402.00
FMV	$16500.00		$5000.00
Total Cost vs FMV	70.40%		48.04%
Cost of Sale (10% of Sales Price)	$1650.00		$750.00
Profit	$3234.22		$1848.00
Cash on Cash Return	27.84%		76.94%
Rent/mo	$400.00		$500.00
Rent/year (9 months)	$3600.00		$4500.00
Rent Cash on Cash	30.99%		187.34%
Total Cost of Both Notes	$14017.78
Total FMV of Both Assets	$21500.00
Cost of Sale (10%)	$2150.00
Profit	$5332.22
Total Cash on Cash	38.04%