First Time Investor: Connecticut Condo Investing

[Dilman R.]

Hello BP,

I am currently under contract for a 2 bed, 1.5 bath condo (recently rehabbed) as my first investment. I offered $267,000 (25% down payment) with seller to pay all closing costs. The HOA is $350 and will eat into any profit margin I was hoping to have. I can market this unit for around $1,800 - $1,900 (high end).

I have reached out to the management company and asked for community policies and any relevant information but nothing from the seller. Closing is set for Aug 26. 

So far, my estimated monthly payment is $1,535.16, which includes P+I, INS, RET, and HOA. If I rent for $1,800, I'm pocketing $264.84 each month but i'm not taking into consideration vacancy cost, capex, repairs + maint. (recently rehabbed), and management (I'm managing it myself).

Only thing is, I have a decent amount of equity tied up. Does it seem worth having $66,700 tied up earning me 4.78% CoC or 11.84% 5-year annualized return? Does this seem realistic for a condo in the northeast?

Also, should I start marketing the condo for rent even though I have not received the financial budget and documents from the Association?

All feedback is welcomed.