Owner financing deal on 8 units! Need help newbie

[Erica Shaunta Thompson]

This is what the agent representing the property just sent: Owner financing consists of two notes for property: 1.) Assumable 96 month term note at 6% subject to approval by note beneficiary. Term remaining - 67 Balance remaining for 105- $147,909.22 Balance remaining for 106- $170,822.51 2.) New 2nd note financed by current owner at 6% on 20 year amortization with 3 year balloon to repay or refinance balance. Principal balance to be the difference between purchase price and remaining balances on 1st position assumable note at time of closing. Each of the two properties to have equal halves of that amount as principal balances. Monthly payments Main assumable note- 105- $1339.73 106- $1483.01 New smaller note- $725 for 105 and 106 combined It is for 8 units in a C area. Property taxes - 105- $3,713.49 106- $3,623.85 2016 Operating Income- 105- $24,273 106- $24,458 2016 Net Income- 105- $14,215 106- $18,044 Sq. ft. 105- 4130 106- 4130 Lot size- 105- .25 acres 106- .26 acres Tax appraisal- 105- $215,350 106- $210,150 Year built – 105- 1995 106- 1996 Zoning code- R-4: Multi Family Residential District Age of hvac- original with construction in 1995 Age of roof – unknown, no leaks Property type- traditional townhouse Construction – brick Unit specs- all 2 bedrooms, 1 and a half bathrooms. Both beds upstairs, half bathroom down. Deck on back. All units nearly identical in layout. Washer/dryer closet downstairs. Advertised rental rate- 695 monthly. Management: contract with Management New leasing fee: 200 Management fee: 7% of gross Management contract is on month to month basis *would I be able to eventually refinance out of the seller financing *is this a bad deal