NYC 5k Down Owner Financed Too Good To Be True?

[Elizabeth Cody]

I'm hunting for a multiplex in NYC, preferably 3 or 4 family, one unit for myself. I'm finding a lot of listings that only want $5k down, bad or no credit is ok, and newly renovated. If this were all true, that would be amazing and I would jump on it so I could move faster, but in a world of scams aplenty, I'm being overly cautious. Is this a real scenario in this economy, or am I right to be skeptical?

I'm looking in Bushwick, Park Slope, and Williamsburg in NYC, so if anyone has any experience in these areas I'd love your input.