owner financed sfh

[Mark Cohen]

I feel obliged before posting to again thank all the bp members who constantly offer their invaluable advice. This place is really amazing and inspiring.

Now for my question, I am looking into a sfh where the older couple is moving to fl. and want to sell off their rental properties. It's a 4/1 built in 1950, they are offering seller financing (I do not qualify for bank fin.) and have come down from their asking price of 170k (which an agent had appraised it at) to 151k at 5.5 interest over 20 years with 35k down, which is $800 a month.  They have offered to place renters at 1400 a month, taxes and ins are 500 a month which leaves $100 extra-I would be managing.

I know it's not overall a good deal but for someone who has downpayment money but can't get a mortgage is it a good deal?