Seller financing house hacking opportunity

[Marc Thomas]

I would like to know if I have a good deal and if seller would bit…

I know an individual who has a 4br 2 and a half bath; unfinished basement in a great inner city location. 
I’m a newbie to real estate and I’m trying to get a seller to agree to a seller finance deal. I don’t have a lot of capital as of yet but I have an okay job making 85k a year. So I know this couple whose husband is in the army and 5years out of retirement. I’m offering 3k down payment and every fiscal year (seller choice on time) he will receive 3k; monthly there will be a payment of $800; the length of contract is 8yrs. In time frame seller would receive 100,800. I would pay property taxes. And if I’m able to buyout contract early there would be no penalty. I have the option to update and do additions (i.e finish the basement). The homeowners insurance would be paid by owner and if any damage occurs I would just receive money I invested. 
Property is appraised at 92k. As of now he has tenants paying 1600 a month 

Can I get some advice. Should I approach differently?