Help evaluating a condo deal in Charlotte (2bd/2ba)

[Roy Lin]

Hi BP Fam!

I've bought SFR in Charlotte before, but first time analyzing a deal that involves a condo. I'm having a hard time finding holes in this deal; can someone poke holes? What am I missing?

4806 Spring Lake Dr APT C, Charlotte, NC 28212; listed at $57,000

Cost: $57,000
Down: 10% = $5,700
Loan: $51,300
Closing costs: $1,500

30-Yr Fixed @ 5.5% (conservative)
Property Tax + Insurance = $100/mo (conservative)
Maintenance = $750/year
Vacancies = 1 months rent
HOA = $281/mo

At $950/month, I calculate approximately 9% cap rate; 24.5% CoC. Sounds like a good deal right? What am I missing?

Thanks everyone!