Seller financing deal analysis help
Selling price: $85,000 (includes furniture, appliances, beds and bedding, dishes, yard equipment, etc)
10% down payment: $8,500
House is turnkey and sale price is average for area.
Balance: $76,500
6.5% interest, includes PMI
Balloon payment at the end of 2 years:
$74,000
If 10 year fixed: $869 a month
If 15 year fixed: $660 a month
If 20 year fixed: $570 a month
If 25 year fixed: $517 a month
If 30 year fixed: $484 a month
$600 average for homeowner's insurance, property taxes, gas, electric, water, sewer, garbage pickup, basic cable TV, digital phone, and Internet.
1 bedroom rented for $450 a month.
Airbnb second bedroom at 10 days a month nets roughly $500.
Basement may be finished and used as additional airbnb. (Possible 500-750/month)
The house has been on the market for some time, not sure if I'm missing something, looking through rose colored glasses, or if it's legit. Thanks for the help.