Still good cash flow. 

If it sold for $120K in 2007  , and your rent is $2000 a month , the landlord is probably cash flowing rather well .   

So, did you put more than $30k in cash in the deal as listed in the investment info?

And not knowing their numbers also makes it next to impossible to know if you have a bad PM that's eating into your cash flow as well (Like Vacasa charging $800-1000 a month for elecrtic on a 4/3, 2000sqft house with a pool). 

However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied. 

I own 4 two/three flats bought between 2013 and 2020 in Forest Park, Illinois, at low interest rates and prices in 200000's  They cash flow nicely and prices have increased a lot. 

We've rented out some of our best investment properties (New Construction/Turnkey) to Sec 8 residents, and the rent guarantee always helps in achieving consistent cash flow each month.

If a project is profitable, wouldn’t you rather have some cash flow rather than none?

Understand how to "add value" to the property and evaluate cap rates, IRR, cash on cash returns. 

You’re not going to find a safe way to do what you want unless you or the “buyer” has enough cash to pay off the note.