First buy and hold - condo, thoughts?

[Bruce Froman]

Looking at a condo in the downtown area, tried seller financing to no avail, due to relocating logistics. Studio condo, 500 sf, HOA of $356(all bills paid), amenities include on-site fitness, sauna, covered parking, laundry on same floor, pool, basketball/tennis court, and fully furnished. The seller is asking $42k and we would only be able to do conventional financing. Probably $5k down, could do more, but unsure we want to use up more capital. Thoughts? Suggestions? This would be our first venture in the REI world. Any advice would be appreciated. Thanks.