Seller Financing Analysis: To Buy or Not to Buy at $350k?

[Paul Magda]

I need help analyzing a creative finance deal:

here is the breakdown

425k ARV

350k Purchase price

100k down payment

75k rehab costs

Here are the terms: the homeowner is willing to carry 250k for 30 years principal only AND defer payment for 1 year.

She wants first position, but my question is: If i cash out refi after rehab and pull out enough to pay back the PML, will the bank assume 1st and then kick her to second? Or is a cash out refi not doable if there is a first position held already?

Is this a bad deal or are the terms good enough to justify buying the property at a much higher price point at $350k?

Thank you so much