Made an offer that seller holds mortgage

[Eric Hrlbock]

I have been buying condo's in the same complex for alittle of a year. I bought 2 and have another one in contract. Along the way I saw a condo in decent shape that needs alittle love. I made an offer of 50 k if he holds mortgage. If I put 2 grand it will appraise for 65-70. 

The owner called after I made 2 follow up calls and a friendly text. His counter was 54 he will hold mortgage for 5 yr at 5.5 percent and 5000 down. 

Any advise for a semi newbie.  

They rent for 1050. Hoa is 338 tax is 238. They rent very easy.