Seller financing deal

[Alejandro Valdes]

Hello,

I submitted a seller financing offer for 425K on a property and it was just accepted. I chose seller financing because i recently purchased a property as owner occupant and I must live there for a year and because seller owns the property outright. 

House is listed for 445k and it should appraise from 430k to 450k . I also have an appraisal contingency.  I offered less to be on the safe side and also because I asked seller to deduct my realtor commission from the selling price. 

Also, starting on June 1st the property will be leased for $3000 a month for 12 months 

Now, my offer was 425k selling price with 10% down and i will make $3000 principal only payments with a balloon payment in 15 months. 

Therefore, $425,000 - $42,500 = $382,500 then i will pay the seller $3000 a month principal only which i will be collecting from the tenant for 12 months and then refinance into a 30 yr conventional loan. After a year i would owe the seller $346,500

If property appraises for $445,000 i could refi at 80% LTV and pay closing costs with the difference or I can refi at 95% as owner occupant and cash out a substantial amount of money

Is this a good deal? 

I would like to get some input from more experienced investors 

Thank you in advance.