Did the original agent leave the brokerage you had the exclusive with?

Feel free to leave this one here just in case but I think you will have better results there. 

Sometimes people will leave from there to look at properties and let you follow along. 

This leaves very little window for an effective "Subject To" deal.The other factor to consider is that mortgage arrears (historically <1%) and defaults (historically <0.5% ... less than 0.3% in parts of the country) are substantially less than in the U.S.A.  

I would b concerned that the seller didn’t tell you that.

If you are having other concerns with them it may be time to go shopping.

The numbers:Purchase Price: $28,500Equity: $49,000 (No Appaisal) Comparables are 45k and 53kFinanced: $0Improvement Costs: Projected $2,500 on tenant turnoverProperty Taxes: $700Insurance: $900 yrProperty Management: $58.33 monthlyVacancy Rate (7%): $42 monthlyRepairs: $360 yrHOA: $420 yrCAPEX: $144 yrMisc/Legal: $349 yrCash Flow:  $204 monthly Rent: $600Cash-On-Cash ROI: 9%Shoot me a pm or leave a comment if you have any questions or remarks!

One of my concerns was the heating oil currently in the tank.

I'll cover the contract exists, and leave the investment exits typing to someone else. 

I leave out mortgage interest etc due to cash buyer.