"Subject to" Deal Analysis in Stone Mountain Georgia

3 Replies

Hello everyone I was analyzing this deal and would like some feedback on if this is a deal and how you would structure it if it is, please. I was thinking subject to.

It is a condo in stone mountain, Georgia. There is a tenant in it whose lease ended in January. Seller started eviction process but is ready to let the property go with tenant in place. No one has offered the tenant cash for keys. 

Existing mortgage=$49k

Repairs=$37k (cosmetic but gave room for tenant removal surprises)


Asking price= $25k (would be open to negotiation)

Mortage payment= $374 

2nd mortgage payment=$210


Seller behind 3 months on mortgage payments and HOA

Market rents are $1100 but the current tenant was paying $600/m. Have to get approved by condo association to place a new tenant so I was thinking it's a fix and flip.

Here's a link to a deal report I did on the property. 

I filled it with all the info I knew. Feel free to correct/provide feedback on this as well. Thank you in advance!

@Wayne Brooks @@Mike Baxter

Thank you guys a lot for your feedback! The purchase price is solely for myself and the seller to make some money on the deal so that can be significantly less.

The repairs should only be 10-15k. The seller says HVAC needs to be looked at. I put repairs at $30k because the current tenant is being difficult about letting us in to see the property so we really don’t know. Picture we have are from September.

With this new information do you guys think it has potential or should I just send him to an agent? I’ve built a lot of rapport with him and want to help. Is it a deal if the purchase price is only $1-$5k instead?