Is this seller finance deal worth it? My first ever!!
So this would be my first deal ever! I found a home in the central MD area seller is offering to finance the deal. Home is worth roughly $70,000 on the market he will finance for $3500 down and $450 a month for 30 years with a 7.25% interest rate. The home currently has a tenant and they want to stay he’s warned then of the possible sale and that within a few months I can increase rent to $800-$850.Taxes are $1604 a year and insurance rings in at $650 annually. Tenants pay for everything except trash and sewer which is about $85 every 3 or 4 months he tells me. Home is in good condition just minor cosmetics if I choose to touch up on he says. I go view the home Saturday, my question to you is this a good deal? Should I be jumping on this as my first ever? the numbers make sense but maybe I am looking at it wrong I really would like an experienced eye to view this deal and give me advice on how I should structure it and if it’s worth a go or not, I really thank you for taking the time to view my post and read it! Your help with be greatly appreciated! Thank you!