"Subject to" Deal Analysis in Stone Mountain Georgia

[Demetrius C.]

Hello everyone I was analyzing this deal and would like some feedback on if this is a deal and how you would structure it if it is, please. I was thinking subject to.

It is a condo in stone mountain, Georgia. There is a tenant in it whose lease ended in January. Seller started eviction process but is ready to let the property go with tenant in place. No one has offered the tenant cash for keys. 

Existing mortgage=$49k

Repairs=$37k (cosmetic but gave room for tenant removal surprises)

ARV=$72k

Asking price= $25k (would be open to negotiation)

Mortage payment= $374 

2nd mortgage payment=$210

HOA=$323.65

Seller behind 3 months on mortgage payments and HOA

Market rents are $1100 but the current tenant was paying $600/m. Have to get approved by condo association to place a new tenant so I was thinking it's a fix and flip.

Here's a link to a deal report I did on the property. 

I filled it with all the info I knew. Feel free to correct/provide feedback on this as well. Thank you in advance!