Need Help - Condo in South FL, Seller will finance

[Josh Ewin]

My wife and I are considering a property that our agent brought us last week. The property is a 2/2 condo (upper floor) in east Delray Beach, FL. Nice area, amongst several other condo developments.

Seller is the former president of the condo HOA and is willing to finance; though financing specifics haven't been discussed. Our credit is in the neighborhood of 770, so he couldn't find a much better buyer to finance.

Whats more, the current tenant has been in the property 3 years and is ready to sign a new 3 year lease (owner has waited to sign the new lease, pending buyer's wishes with regards to tenants).

Here are the Numbers:
-Assessed Value: $145,000
-Annual Taxes: $3210
-Monthly HOA fees: $315
-Rent: $900

Seller is asking $90,000, with a 30 year amortization and a 5 year balloon on the financing. To get right side up in the property, we'd have to put down at least $40,000... Is that right??