Is this a good deal??

[Rob Jones]

Hello fellow BP'ers--- I'm in the process of looking over a deal in my home town of Greenville, NC. It is a town home, 3 bed and 2.5 bath. Tax value of the property is almost $95k(if that really means anything). The seller is offering financing and I am wanting some input as to how/if it would work. Details below... Sale Price:$89k Down Payment:$5k Financed:$84k Rate:5% Term:15 years Taxes:$1300/year Insurance:$350/year HOA:$30/month Owner says he has had no problem renting it out for $850/month. He is an older guy and lives away from the property(he bought the place for his daughter when she was in college in '05 for $99.5k). I am currently holding 2 mortgages for properties that I am renting so the seller financing is very attractive to me. I also don't have 25% for a down payment so that is another reason I am steering away from conventional financing. My question is, how could I get creative with this offer in order to cash flow the property at $200-300 per month or more? What and how could I negotiate with the seller to make it attractive for both parties? Any help would be appreciated!