Need some advice on investment property

[Steve Saxz]

Hello,

I am an amateur investor and have an opportunity to purchase an investment property and need some advice from seasoned investors to let me know if this a good deal. Here is the pertinent information:

2/1 Condo
List price: 50K
DP: 5K
Home equity loan: 45K
Monthly payment (P&I): 350
HOA: 190
Taxes: 53
Insurance: 20
Rent: 800

Cash flow: 187

I live next door to the property and am planning on managing it myself. Please let me know if you think this is a good rental property.

Thank you!