Proposed offer - do my number make sense?

[Sean Morrison]

I'm looking at making an offer on a FSBO SFH in Louisiana. I'm estimating rent to be about $1100. The expenses are:

• Insurance (including flood) = $225
• Taxes = $140
• Maintenance and Capex = $110
• Vacancy = $110
• Management = $110

I thought I would give the owner two options, both with a 20% down payment:

1. I do a typical 30 year mortgage and offer $77k
2. I offer $93k, but pay it in installments to the current owner for 20 years.

My goal is to cash flow $100 after expenses. What do you all think?