Should I buy an off market condo deal?

[Michael Doherty]

I know there has been a lot discussed on here about whether or no condos are a good investment however, after reading countless articles and listening to the podcasts I am still torn- which is why I would like to get input on this specific deal:

Off market deal 2br 2b updated unit. The woman is willing to sell at a discount to avoid realtor fees. 

Purchase price 90k

Market Value or ARV based on comparable comps are 105-110k

Income: $1250 (conservative) 

Taxes: $1800 per year

HOA: $235 per month

Total Operating expenses: $542

P&I: $532

Purchase Cap Rate 9.43%

Cash on Cash ROI: 10.24%

Monthly Cash Flow $174 

----I included 5% for vacancy, repairs and cap ex however the cash flow should be higher than $174 because everything is new in the unit. 

The numbers work however, it is not a cash cow. It is only attractive because it's something that I could own that should be maintenance free (for the most part) and have a majority of the equity paid down. However, even though it's off market, it still isn't a great deal. I appreciate all thoughts and comments!