Need some advice on a website I'm selling

I listed a music website for sale, that website has a PR3 250k alexa and is 6 years old. Has a blog and a big forum with 20k members with steady traffic. Makes around $100/mo
I was contacted by a person who recently sold their very profitable music website for 170k to private investors and now really regrets it. They say they want to buy my website and keep me as a partner (35% of profits which we negotiated to) They want to outgrow the website they sold with mine
How much would you say my website is worth? Their offer is $1,000 (which I think is too low), 35% and I keep the domain for a year (my idea)
This all seems a little fishy to me and I don't know if I can trust this person
What's your take on this?

I think you should ask him to increase the rates. My idea is about 2500$ + 35%share. I made these approx. on the basis of stats of traffic, pr and a.rank.

Thanks for your input! Anyone else have any suggestions?

$5k and dont bother with profit sharing.

Best thing you can do... Is read meathead1234's guide on site flipping... And maybe try and contact him in person if you can get a hold of him... Dude's a genius... :'D

If your website makes $100, then here is the way businesses usually value their companies:

$100/mo. X 4 years= $4,800.

I would say that would put you in the ballpark. Although, for a site that generates only $100 a month, $1,000+35% is a pretty big increase in profits for you if the company you are considering selling to knows what they are doing. I would try to research them as much as you can, and find out what the name of their previous website/company was called. Maybe you can find some information that will let you know if they are exactly who they say they are. If you have 20K+ members, can't you monetize on that somehow? Do you have their email addresses? You could promote an offer through a CPA network or a product by sending periodic emails to your members if you have all their email addresses. Just a thought. Good luck.