Structuring seller finance

[Jason Gould]

Hi all! I’m new to investing and trying to be creative with my financing methods. There’s a property I may have interest in but I’m having a hard time creating a seller financed offer that’s wort it. Thought I’d put out the details and see if you guys come up with anything. 

The home is currently appraised at 192k.

4-6k in repairs needed (mostly cosmetic)

ARV 215-222k

I have 2 ideas for this. I can make an offer at 190 and sell the contract 195-197k. 

Or offer 230k on terms with 8-10k down and appx $600 a month. It should rent for $1400 giving me $500 in cash flow after taxes etc. 

But there’s a mortgage currently on the home at 156k. Any suggestions???