11 unit deal with creative terms

[Jens Nielsen]

I have the following deal under contact in Albuquerque NM. 

11 units, fully leased with $5105 gross monthly rent. Market rent is probably around $5700. Class C area.
Contract price: $375K
Terms: seller financing with down payment $50K, 5% interest, 25 year amortization, 15 year call. P&I = $1900/month. 

Fixed expenses (no capex/replacement) = $1700/month.

Need new roof and (~$21K, and another $20-30K in rehab).
However, we'll get control of the building Jan 1, 2017 and not make any loan payments for 10 months. This gives us ~$30K in income during that 10 months which will be used for the roof and some of the rehab. Figure another $20k for the remaining repairs. 

The property will be rehabbed and professionally managed by a company with a lot of experience in the area. They already manage our existing 2 four-plexes.

With a 45% expense ratio I'm looking at 17% CoC and 8.83% CAP rate with market rents.

What do the seasoned investors out there think?
Does this deal make sense?