Purchaseing a property deed in lieu of

[Logan Zanki]

I have someone that is going to walk away from their home and is willing to let me take over.  I'm not looking to live in the home, I just want to rent it out. 

Here's the break down

First mortgage 139,750.22 Insurance, taxes and mortgage is $1,525

Second Mortgage 50,000 payment is $150.00

Its a 3 bedroom 2 bath, off street parking and a full basement unfinished. 

The going rent in the area is $1,800.00-$1,900.00 for this type of unit. 

Does anyone have any suggestions for me or should I just pass this up?