Need opinions

[Shawn Crawley]

This the deal : On a Purchase Price of $73,500 with $5000 down: 20 year contract for Deed @ 9% interest. Monthly P&I of $616.31 Taxes (approx $700 per year or 58.33 per month) and insurance (approx $70 per month) to be escrowed in monthly payment. Approx total monthly payment of $744.64. The property has median sales price of $49,000 and he wants $47,500 cash offer. Yay or nay?