Creative Financing Help with SFH

[DAVID GAGE]

Hi Everyone,

I need some advice from the experts in the creative financing area that can analyze this deal and can help me make a decision if I should go through with it...............
The house is a 3/2 on a crawlspace with a 2 and half car garage. Has newer siding,roof and carpet. Sits in a nice neighborhood in a small town of about 3000. I own 4 other houses in the same town. The house sold for $26,500 last fall and the owner put about $3k in upgrades. He is asking $50k with $4k down $500 a month at 6% for 6 yrs.. I've told the owner that $500 is to much and he seems to be receptive to offers. This house should rent in the $600 to $650 range. Taxes are $1800. Insurance around $700. Ultimately I would like to go zero down payment and $300 a month. I could use one of my houses as collateral. I am struggling with the fact that I would be paying 20k more than it sold for 6 months ago. Would you go ahead and buy it anyways knowing that it cost you no upfront money and it it broke even or had a small positive cashflow with the hope that it would appreciate in 6 years...What other terms would you guys and gals use to make this a deal that you would do......any help would be appreciated. Thank You.