Commercial Property/Laundromat Purchase in Orange County,NY

[Frank Salvatore Enzerillo]

A 3.5 acre piece of commercial property with a laundromat and 3 other rental units. There is a lot of land that is part of the property that is not developed yet, but could also be sub divided. The NOI is $52,000. Cap rate is 6.7%. DCR is 1.08%. Does this sound like a decent deal? Also in regards to the $775,000 purchase price, the owner is going to hold the mortgage for me for the first 5 years. All income streams are cash. Owner wants $175,000 up front and will then hold the mortgage at a rate of 1% less than whatever the going rate is at the bank for a business loan. Does this sound like a decent deal to partake in? Is the deal any better if the property is actual worth around $900,000? Any and all advice would be greatly appreciated.