Is this a good looking Land Contract? How to structure?

[Clayton Hepler]

Hello, I am looking to purchase a property on a land contract in the best neighborhood in my city. 

the property is being purchased AS IS,  but is old as heck and needs work in all the units, but is currently occupied. A new Whole Foods is going in down the street so I was thinking of just getting it under control and waiting until property values climb like crazy. 

Purchase price: 5,000 down and 195,000 land contract.

Seller and buyer share closing costs. 

ARV: 250,000-300,000

Proposed terms: 5 year balloon with a 30 year amort at 4.5% interest rate

Rent is: 1500 per mont

Tenants pay electric(which is the heat)

Water and sewer: 400 a month

Taxes: at 200,000 are 377.7 per month

Mortgage: 988.04

Is there any rules of thumb for rent versus monthly payment? Do taxes get reassessed in a land contract?

Does this look like a good deal?