QUICK OFFER HELP: $660,000 Offer in Brentwood, LA

[Conor Murphy]

Here's the deal:  I'm writing this quickly because the deadline for an offer is tomorrow at 5pm. Please bare with the haste.

I am planning on putting an offer out tonight for what seems like a steal. The condo is a two bedroom, 2 bath, in Brentwood, Los Angeles, asking for $620,000, but because counters have already begun I am going to make an offer of $660,000. The condo is in pretty good condition, but I would still want to put about $40,000 of work into it to make it optimal by Brentwood standards (Re-do the kitchen, and spruce up a few other things). 

I have $240,000 saved up, but I'm an actor so my income is never guaranteed and I don't have secure income moving forward. It's all spontaneous. I want to do an interest only loan at 4% with 10% down, with my lender saying that would put my mortgage estimate around $2,000 and the HOA is $315. I also have a non-occupant co-borrower that helped me secure the loan. Currently, the residence is occupied but the tenants are "planning on leaving in August" with a currently rental rate of $2,900.

WHAT DO YOU THINK? I appreciate any and all questions and/or analysis.