How to evaluate seller financing?

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Total newbie!!!

3bed 2bath home that i estimate can rent for $750.

The seller financing terms are 5,000 down and a payment of $550 a month that includes taxes and insurance. Balloon payment or get new mortgage after 2 years.

The sales price is 61k.

Without going and looking at it yet...it will need no renovations.

How do i evaluate this deal?