NEW TO REAL ESTATE IS THIS A BAD DEAL!!!

[Charles Wilcher]

My name is Charles and I am looking to close my first deal, and although I done my due diligence I am nervous that I could be  missing something. The Deal is a Subject to 2/1 with at asking price of 145k with 20K down (flexible) with 20k to be pay to owner in the next 5 to 7 years we believe the property to  be worth 155k . The property has a section 8 tenant that was live there for 8 years. The tenant pays $1080 and the mortgage payment is $860 leaving a cash flow 220, also the rent was not been raised since the tenant move in 8 years ago. The property was a working toilet and stink in the basement that can be easily be upgraded  to a 3/2. The property owner owes 104k on the original loan at 5.1% and pulled an additional 20k  adding up to 124k, the 20k down would go to pay off the 2nd loan(which is near it's do date) leaving the mortgage at the original $104.  This looks like a good deal to me but I am skeptical because this is my  first deal and I feel like can be overly excited or not know enough to see the whole picture. I could really use some input from a different perspective. If you have any questions about deal please let me know. 

                                                          THANK YOU,