New to the forum, and to real estate investing. I currently work in real estate at CoStar Group, have you guys heard of it? I did not go to school for business or real estate, but I enjoy it very much, and have learned a ton at CoStar.

I've been looking for a while to purchase my first investment property, and I wanted to run one by you guys to see what I may have missed and if you think it's a good deal. Here's a bit of background info before I talk numbers:

This is a condo unit located about 50 feet outside of a large college campus. Location is absolutely prime for both school, and night life. The building is rather old and ugly but is leased up always, with a waiting list. The college itself is about 25,000 kids but the downtown area is terrible. Few bars and restaurants and not much else going on. However, plans have recently been approved for the development of a large town center including a hotel, bars, and restaurants. This center will be about a quarter mile from the condo I am looking at, and I'd imagine it will really increase the price for units in the area.

Price: $184,000

BEDS: 2
BATHS: 1
SQ. FT.: 702
$/SQ. FT.: $263
HOA DUES: $607/month
Year Built: 1962

Note* The HOA fees bother me. The building is old and in not great shape. The grounds outside are nothing wonderful either. I can't imagine what they do with everyones 607 a month.

This particular unit has been renovated with new kitchen, bathroom, carpeting.

Tax Year: 2011
Total Taxes: $3,163.72
City Tax: $579.60
County Tax: $1,904.40

It is leased through 2013 at $2010 a month.

Do you guys have any thoughts or input on this deal?

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Looking to get my start in investing

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