Owner Financing

[Alan Day]

being new to real estate investing, I have an opportunity that I was looking for advice on. The 1923 built property is a 4/3 in the Midwest and owner/investor purchased at auction for $53k in 2000. Currently and consistently rented for $1,200 per month and the asking price is $79,900 that matches an appraisal done.

The owner is willing to finance 3 year balloon amortized over 20 years at 6% = ~$500/month payment. Owner is looking for 20% down. Analysis shows positive $400 to $500 per month. No inspection done yet but walk through shows only minor issues.

Does this sounds like a good deal to you?