Does anyone invest in condos to hold

[Ted L.]

I'm thinking of buying a condo to hold. It is in a complex of buildings and has a total of about 200 units. It is desirable and I would think the rent amount puts it at a level of a luxury apartment community which makes since because it has similar amenities. Is this a good deal? Am I missing anything big? Purchase: 93k Closing cost: 3k Minor prep: 3k Total purchase: 99k Monthly income $1295 Monthly expense: Mortgage: $450 Tax: $200 HOA: $200 Insurance: $65 Vacancy/repair allowance: $130 Total cash flow: $250/month I'm expecting total cash investment at $20k Cash on cash: 15 percent Two items: I am not including management expense because the reason this appeals to me is that it would be simple to manage myself. High rent folks with fewer issues and lawn/snow are taken care of by HOA I'm also not including a lot for vacancy and repair. The unit will be renovated and made ready before placing a tenant and The HOA keeps a reserve for the exterior and has recently reroofed all the buildings. Thoughts?