Potential Subject To Deal - Help Appreciated

[Kyle Cabral]

Hey Everyone,

Have a tough little deal and am unsure if this is worth pursing.  In my mind, I'm giving myself reasons why this will work but the unknown is trying to outweigh my logic because of the "uniqueness" of the house as it's not typical and i'm not sure how much demand there is for this given my experience.

Property: 2B/1B Cottage (condo)- 422 Sqft
Purchase Date: 9/8/06 for $130,000.00
Amount Owed: Approximately $70,000.00
Reason for Sale: Divorce, cannot maintain and water pipe broke last month.
Comparable: .1 mile away, 720sqft condo for $184,000.00 so $255/sqft
Association Fee: $290/Year
When Rented: $1000/month
Expected Cashflow: 425+/month

Here, I figured my strategy to be to jump in and offer purchasing subject to the existing financing and taking over the $70,000.00 with a start date of a month or two from now to give myself time to find someone for a lease option agreement.

What is your play here? What more questions do you ask? What kind of rules do you follow with sub-2 deals.

Thanks everyone for the insight.