Am I doing this right?

[Hayden Wyker]

Hey Team, 

I've got a quick question.. could use some help from the hive mind. 

I'm very early on my journey, I've got my personal finances in order and I'm smashing saving. I want to get into the market, but I can't be sure if I've over analysed it. 

The numbers will vary, but I guess it should still be applicable no matter where you're from. For context, I'm looking to purchase property in a small town in Northern Tasmania, an island off the south coast of Australia. I live in Sydney currently, but I have many local contacts in this particular city to allow for remote management and easy refurb of it at a very cheap rate. 

I'll list out some details about this below. 

General Property Information
Purchase Price	$140,000.00
Deposit	$13,000.00
Extra Funds	$0.00
Total Money	$13,000.00
Less Upfront Costs	$7,197.00
Deposit % of Total	5.42%
Loan Amount	$132,803.00
Monthly Payments	$633.26

Estimated upfront costs
Stamp Duty	$3,835.00
Concessions	$0.00
Other government costs	$368.00
Conveyancing	$1,000.00
Bank charges	$600.00
LMI	$0.00
Total Estimated Costs	$5,803.00

So there is my state of play. I can buy the place fine, this isn't an issue. Now I have also done work on approximating the costs associated with owning this property. This is highly localized on some line items, but they're accurate. 

Cashflow Assessment	Weekly	Annually
Rent	$220.00	$11,440.00
Loan Repayments	-$158.31	-$8,232.33
Council Rates	-$21.15	-$1,099.80
Insurance	-$15.00	-$780.00
Property Management	-$11.00	-$572.00
Strata fees	-$20.00	-$1,040.00
Maintenance	-$4.00	-$208.00
Water Fees	-$15.30	-$795.60
Capex	-$15.00	-$780.00
Vanancy Costs	-$8.80	-$457.60
Total	-$48.56	-$2,525.33

So in the end, a very cheap and on the face of it, positively geared property isn't actually that good when you have a low deposit (I'd have to have almost 50% down to make it positive) 

Have I over analysed the property? Is it just a bad buy? 

It's very cheap, has a good rental price ($140k buy, $220/week rent) but in the end it's not so great. 

I'm not looking for advice to buy or not to buy. More advice in terms of, have I looked into the right things, have I looked too far into it? 

Thanks guys. 

PS, is this the right spot for this? :)