The lease is pretty tight so he is obligated for 12 months.

If you can subject to the property and the financing is great, that would at least produce a little interest for a buy and hold, but to me, it's still too tight and I would pass.

Margins are tight now a days but a good REI will not chase . 

And if money is tight, you should still have money to pay the mortgage.

$340 seems a bit tight bc when CapEx expenses hit, they can wipe right through that.

-- which generally indicates that it's an area with very tight regulations and very steep fines.

So, while I am primarily going to try to locate these properties using my own marketing, if there are other wholesalers with properties in this area, I'd be interested to see them - just send me a PM.This seems to be a pretty tight community, as I imagine most college towns would be.

If you are using hard money and will be facing sell or refi deadlines in the middle of winter, I'd re-think.  

I'm not familiar with land deals but a 10 day close seems really tight.

The monthly payment is determined on the length of the loan, the balloon deadline sets a mark on the calendar when the remaining loan balance will be paid in full, regardless of the 15 or 30 year term used to find the monthly payment number.In your case, this underperforming property needs time to raise the rents and lower the expenses (like that insurance) and increase the cash flow.