Seller Finance - Deal Structure Question

[Account Closed]

How would you seller finance the following opportunity?

PP: 489k

Down: Seller wants 130k

Term: 7%, 3-5 years

COE: “ASAP”

Seller owes 105k on the mortgage. 

This is in Phoenix, AZ near the Arcadia area in a developing neighborhood. I know the area well and the potential appreciation after upgrades is attractive. I’m not sold on the terms, though, and am curious how you would negotiate this deal?

My lucky number is 420k. Wholesaler told me the seller “desperately needs cash asap.” but I’m on the fence about anything I’m told.