Seller Financing Land - help with terms

[Julie Kern]

Hey, BP.  I have a couple of 3 acre lots in a North GA mountain community that I'm trying to sell, each listed at $23K.  We own them free and clear and have been trying to sell them for the last 6-7 years.  We purchased them in October 2007 (yeah, great timing!)  There are numerous bank-owned lots from where the developer was foreclosed on sometime around 2009-2010, so lots of inventory and very little movement of any of it.

I listed them on CraigsList and indicated that we would provide owner financing.  I got a call from a potential buyer yesterday who is interested in owner-financing so now I'm trying to figure out how to structure it.  He indicated that a low down-payment was his top priority, and could pay something "like $325 a month".  

This was my initial thought:

10% down = $2,300 down payment

AND

(1) 10 years @ 6%  = $230/mo OR

(2) 8 years @ 5.5% = $267/mo OR

(3) 6 years @ 5% = $333/mo

I wanted to give him some options since there are HOA fees of $840 per year and the longer term/higher interest would allow him to stay at/below his desired monthly expense.

Having never been involved in an owner-financed transaction before (selling or buying), I wanted to find out if these terms make sense and what else I need to be aware of. 

I have a call in to my attorney, but thought I would put it out to BP land to get some feedback.