Potential Deal... what do y'all think?

[Xavier Strong]

BPers,

Here's the deal:

OWNER FINANCED at: $28000 

DOWN PAYMENT at: $5000

AMOUNT FINANCED at: $23000

INTEREST: 6.9% TERM: 7yrs 

MONTHLY PAYMENT: $344.10

CURRENT VALUE: $46800

The startegy...

There's currently a tenant in place paying $400 a month. The property is located in a RURAL AREA (small county town). The tenant has occupied the unit since 1994 and has no plans of moving. Plans are to increase the rent $50. Refinance in about 1 to 2 yrs and hold the property in our portfolio until it's paid off. There aren't major rehab associated with this purchase. 

Your thoughts?