Located in: Trenton, NJ  one thing to realize and talk to your accountant about is if you assume it - do you assume it based on his cost basis, which could be a lot lower than the property value and then when you do eventually sell it, you could be hit with a nice capital gains bill. 

That is a small kitchen so looking at less than 10k all in, the flooring 7-8k if you are using a life-proof style LVP and drywall/paint about 5k based off your SF.

Here are some of my next recommendations based on your current BP Profile Bio:- Listen to the BP Real Estate Rookie Podcast (https://www.biggerpockets.com/podcasts/real-estate-rookie) - Read "Set For Life" by @Scott TrenchI see that you are about to graduate college and plan to become an Army Officer by May 2025!

We're based in Orlando, manage long-term rentals 1-80 units, and own/manage 48 units ourselves, so we know what it's like to be an owner and a manager. 

They are based in CT and predominently manage properties east of New Haven and southern Rhode Island.

Ok, so don't mind me - I dropped your whole write up into Chat, and this is what it came back with for me:Let’s dive into the numbers together and see what we can work out about this owner financing deal you’re considering.First off, the idea of selling the house at $315,000 when its market value is around $260,000 definitely swings in your favor financially.

As interest rates drop, house prices will go higher.

@Lu Kang Thanks for sharing your opinion, which you go on to acknowledge is based on zero experience.

There was one HVAC company locally that was the #1 call the home warranty company made based on their internal scoring system.

Based on your description, I'm concerned this deal is as good as you think it may be.