Lease Option Deal feedback
Greetings all. Can I please get some feedback on a possible Lease Option deal? This will in essence be my first deal and I don't want to jump on it just because its there. Your opinions on this would be greatly appreciated.
3bd/1bth/1 car driveway
961 sq ft
The owner paid $200K in 2006, market value now is $150K-$160K
PITI is $1,100.00
My thoughts are to get a 4 yr lease option with a purchase price for today's current market value. Monthly rent will be the PITI. Then sublet for $1,600.00. Rent comps in the area run $1,200.00 - $1,500.00 for regular tenants but Section 8 runs $1,600.00 so that too is another option.
Any thoughts or feedback would be appreciated.