San Diego: Condo Investment good or not?

[Alex U.]

====> Should I buy or pass?

I have an off market deal passed to me.  Does this look like it is worth pursuing:

Property: 2/2 bath condo 900 sq feet, built in 1990. Needs full rehab.  Fixed up comps have sold for $515k

Purchase Price : $425,000Fix costs: $40,000, full gut labor, material, new appliances, new kit+bath, and new hvac

Rents: $2700-2800, $300 hoa, $400 prop tax, in good area with schools rated 9. Poway School district.