Sales price is public record. If you can’t afford more than $2K/mo to rent how are you going to pay if you have a vacancy. If the seller can’t find someone to rent for $3500/mo is he going to pay his mortgage and wait for you to find someone to rent at that price? How long will it take you to find a renter/buyer? Is there a market for rent-to-own in the $400K range in your area? If he paid $345K he will probably loose money by selling at $355K due to closing costs. Have you included closing costs in your calculations to sell?
To me the return looks marginal at best, not worth the risk. Move on.
I looked at nice home about 3400 s.f. in nice area. I called a for rent ad in paper, the owner wanted to lease it out for $3500/mo. The owner bought the home 2 mos. ago, for $345K, I found this out from an agent after I saw the home. The owner said he would consider a lease option, but he wanted $400K for the home and he wanted $3100/mo. in rent payments. The owner has not moved in the home, because he has a job tranfer. So now he has 2 homes and will be moving out of town.
I had originally looked at the home for me and my family, but I told him my budget will not allow me to go more than $2K/mo. for rent. I am not willing to do a 4/5 yr. lease option for more than $355K for home, since he only paid $345K for it.
The only other option would be to, see if he let me to find a tenant/buyer, who would be willing to pay me at least $3500/mo. and I would pay him $3100.00 and sell the home for $390K on a 1 yr. lease/option with about $15K as option consideration.