May Have My First Deal and Need Advice

[Joe P.]

Looking for my first deal and got a call from an old retired guy. He lives in a 1296 sqft Manufactured Home built in 2002. The neighborhood is new. I want to take this sub 2. Here are the numbers.

Got comps from the tax assessors site. I have 3 manufactured homes that sold in Sept, Jun, and July last year that sold for $136K, $135K and $129K. Two of these are on the same street a stone’s throw away.

ARV: $133,000
Loan Balance: $103k
Payment: $597/mo
Interest rate: 4.5% to 4.75% Fixed 30 yr
Taxes and insurance are paid separate, $800/year for taxes.

Our area is in a hot rental market now and this could easily rent for $1000/mo

So I'm thinking sell rent to own $200/mo cash flow with 30k backend.

I’m going to see him tomorrow at 3pm. What do you all think? Is this a good deal, especially for my first one?

Thanks