What do you think about this deal?

[Zach Fulton]

This property is well below market price because I am buying from a wholesaler. It is right in Greenville, 5 minutes from downtown. The property has new construction homes all around it and is in a very desirable area. They are offering seller finance. 

Purchase Price: 155,000

Downpayment: 30,000

Interest rate: 7%

Length of Balloon: 10 years

Length of Amoritized: 25 years.

Below are my calculations. 

"Monthly Payment $883.48
Balloon Payment Amount $99,174.21
Loan Amount $125,000.00
Total Interest $79,308.33
Total Paid $204,308.33
Payoff Time 10 Yrs"

2/1(Under 900 sqft)

Repairs(If I decide its worth it, its not needed): 30,000

ARV: It could easily go for 250,000 after a general rehab, probably more. I think it could sell as is for around 200,000.

Market rent: As is I think it would rent out quickly for 1300(Currently 1100). After Rehab I would estimate 1500-1800(Again, it depends on the repairs)

Taxes should be under 1,000

I estimated insurance around 1,000

What am I missing? This could be a good opportunity to get my foot in the door with sellers finance. I see the real opportunity as the chance to hold this property and cash flow a little bit along the way, or rehab, refinance(If I can find a better interest rate), then rent it out for an even better cash flow. Either way I see holding as the best move.