Is this enough cash flow?

[Adam Varone]

I became friendly with a builder who is willing to sell me his newly built condo at a “discounted rate”. He said he will be listing the property at 375k but will give it to me for 360k. My plan is to offer 370k with 10k seller assist. I was able to get into a GREAT program with the bank the details are below. 

5% Down: 18509(No PMI)

Closing Cost: 21000(this includes ~$4500 in points)

Interest Rate: %2.5

10k grant towards down payment and 7500 grant towards closing cost.(I know sounds too good to be true)

The property has a 10 year tax abatement since it is new construction in Philadelphia therefore I only pay about 16/month in taxes.

Final monthly payment: 1550

Estimated Rent 1800

Cash to Close: 10k

~30% yearly return. Thoughts??