Potential 1st Deal

[Andrew Hall]

I am in the process of negotiating with my possible first seller finance deal and wanted to know BP's thoughts on the deal. 

Offer on the home is $68,495

10% Down= $6,850

7% Financing

5 year balloon on a 30 year loan.

Currently has a tenant that put down $725 deposit and is month to month

Rent- $725

I would be cash flowing about $140 a month on the property and would only have to make the water payment which is $26. I'm on the fence on this one and wanted to know what anyone's thoughts are on the property before I make up my mind.