First Deal a Condo????

[John Weber]

Hey BP!

I am gearing up for my first deal and one came into my path yesterday.  I want to know what yall think!

There is a Studio (0BR 1 BATH) Condominium in good condition in town where I went to college in New Paltz, NY and near where i grew up and here are the details:

The condo currently rents for 800$

Owner is asking 65K$

Taxes are 2000$ a year

HOA is 192$/Mo

insurance...?

I could put down enough to avoid PMI.

Theoretically it could cash flow right away (~200$/mo w/o vacancy) but im worried that it wont make out well enough in the long run and I should continue to look for houses in the area that can cashflow larger amounts and be a better asset.

What do you think?