Land Contract on 10 Units

[Leah Roberts]

Hi Biggerpockets community,

I am interested in a deal that is a 10 unit complex all side by side duplexes. 

Seller states: 

Owner will finance on a land contract amortized over 20 years with a $100,000 down payment. No banks or realtors involved! All units are leased and should show a positive cash flow from day one (Plus a $16,058 mortgage pay down for the 1st year growing each year thereafter) - estimated financials show:

Current Annual Rent $97,800
Interest Year 1 ($46,741). Property Taxes ($10,078, Insurance ($3,488)
= Gross Profit $36,953 Maintenance expense TBD depending on owner participation
Note - Mortgage Reduction 1st Year $16,057 

I am educated enough on land contracts. I understand it is seller financing. In this situation, would I be paying $46,741 plus the principle on the "loan"? It looks to me that the mortgage reduces each year so at the end it is paid off and there would not be a balloon payment. I am trying to determine how to analyze if this is a good deal or not. Any insight or thoughts?