Wisdom needed potential sub2 deal!

[Trevor Bogus]

Hello, 

I am looking at a potential Sub2 deal and could use some help from the BP community.
Facts:

3 bed 3 bath listed at 410,000

Property is vacant currently as the owner had to move towns to attend to family needs. 

Mortgage balance 353,000

Monthly payment 4.125% (PI) ~ 1,700 per listing agent. 
Taxes - 105/month

Ins - 164/ month estimated

Projected rent 2400 (2,300-2,500 estimated)

With these figures, this would leave roughly 431 for w/s/T, repairs, capex, maintenance, and vacancy. The house was built in 2006 so I feel repairs will be low compared to average. 

How would you approach this deal? My thoughts are to offer to cover his realtors commissions and all closing costs and assume the loan. So I could essentially get into the property for 3% realtor commissions, closing costs, and my lawyers fees for the contract. 
If the for a traditional offer at 400k, assuming 10% for the seller to pay both realtor commissions and their closing costs the would net 7k out of the sale. 400K-40k-353K

How would YOU approach this deal?! Thanks in advance!

[Doug Pretorius]

@Trevor Bogus You've got the right idea.

You didn't say how much it's worth. IF it's worth $410k then ask him if he would sell for what he owes because he's not walking away with much if anything after commissions, closing costs, and concessions on a traditional sale.

If he insists he needs some money to feel like it's not a total loss then I wouldn't go higher than $5k upfront. Anything above that he'll have to wait until you cash out.