Deal review for 28 unit

[Dan Leader]

Hi,
I wanted to see if anyone can review the deal that I just got under agreement and give me some advice and thoughts on it.

28 units
25 currently rented
1 master lease space for laundry room fit out
Asking price was 1.6
Under agreement for 1.5 with seller holding 100K interst only for 4 yrs. at prime +1 (8.25%)
50K down
Recent comps in the area support the 1.6 million, however I was told that appraisers will often use the agreement price for the appraisal number instead of the supporting comp numbers. Is that true?
NOI 128,488K for 2007
Current expense ratio is 37.72%

If it is a good deal, can anyone recommed financing options / a broker for it..I have financing now, but I am not sure that it is the best deal out there.
Thank you!