Would you do this Fix and Flip?

[Daniel Pitner]

Hi guys, 

I'm looking for some input on a deal that I've run across. Here are the details: 

-The ARV is 290,000

-The purchase price is $220,000 

-Estimated upgrades: $20,000

-Estimated Rent (If buy and hold): $1600/month 

I know it doesn't meet the 70% ARV rule, however here's the kicker: The seller is willing to carry the note for just 5% down.

What are your thoughts?