how can I get this one?

I am looking at a duplex. asking price $71k
rent $9900/year
T,I,Water,Sewer 1850/yr
Property values are still rising in this town.
great demand for rentals, also growing
sweet location
currently vacant , great rental history
solid updated building.
My problem is:
my credit score is ugly right now. mid 600s
due to late pays
my income is disability and rents for a total of 1345/mo
I havent filed taxes recently.

SO. non conforming lender, you might even say… sub prime (shhhh)
I currently own one duplex. with maybe 10k equity. I have some credit available.
Can anyone help me start thinking of a way to do this?
I know it isnt a 2% property but I think it will work. open to oppinions there too.
( I fell from a ladder 6 days before closing on a rehab a while back. surgery etc took all the profit and made for several rough months $$ wise., hence the bad score.Also, DYI rehabs are out of the picture now. I would very much like to get just a few more rental properties but am now starting from scratch.)

The question here is SHOULD you buy this property.

Here is how I see this deal:

Gross Rents: $825 per month
Operating Expenses: $413
NOI: $412

Mortgage (30 yr, 71K, 7.5%): $496

Monthly LOSS: $84 OUCH!

How could you buy this property? AT A BIG DISCOUNT!


“How could you buy this property? AT A BIG DISCOUNT!”
good point.
I don’t know how you got your operating expenses number, But when I look at it again I get at least that too. hmmmm
wonder how I missed that…
maybe I’m just so sure I’ll find some great deals here while my credit is a mess…
Good thing I didn’t make an offer LOL
( I woudn’t have without checking my math)

offer $40,000