Is the loan assumable? 

If the loan is being paid the seller/previous owner has no reason to want off of the loan.

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

Many Gen Z buyers, however, are still in the process of securing their down payment funds or comparing loan options when they start making offers, putting them at a significant disadvantage.Looking AheadDespite these challenges, Gen Z homeownership demand remains strong.

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

They then missed out on several more years of growth because they got out of the game and waited on the sidelines for things to look better. 2010 to 2012 was the period that cash investors were the players or those with IRA keep in mind investor loans were still basically non existent in those years for all those expect very well to do Investors beginners were not getting investor loans. 

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

If you are worried about out of pocket costs, see if maybe a rehab loan is an option to get everything needed done now and refinance in 3 months when everything is complete.

@Jerry Tello I should have mentioned the laws and how they affect your returns vary tremendously from state to state, and sometimes county to county.

That is usually how they determine your LTV (Loan To Value).1.