5 unit owner financed analysis

[Michael Brown]

Greetings BP community,

I'd like to make an offer on a 5 unit commercial property. I have the option of owner financing, but unfortunately I don't have much money for a down payment. Here are the numbers:

Property Numbers

List Price: $330,000

Annual Rent: $39,600

Annual Taxes: $5,250

Annual Insurance: $3,600

Annual Vacancy (assumed 8%): $3,168

Annual CapEx (assumed 5%): $1,980

Annual Repairs (assumed 5%): $1,980

Annual Misc Utilities: $1,200

NOI: $22,422

Potential Deal Offering

Down-payment (3%): $9,900

Seller financed portion: $320,100

Amortized Period: 30 years

Interest Rate: 5%

Balloon Payoff: After 10 years $262,093.72 (At this time I would refinance to payoff)

Payment Amount (monthly): $1,718.37

Total payments	$204,486.03
Total interest	$146,479.75

This would be my first deal ever... I sense that I have a slim chance, but if you don't make an offer then you will never know.

Please share your wisdom and insights with me, I need help.

Thank you,