How does my planned first investment strategy sound?

[Nikki Kofkin]

Hey everyone, I've been in an analysis paralysis for over a year, but I'm finally ready to make my first investment. The first of two questions I have is how does my investment strategy sounds to more experienced investors? Here's the lowdown on my situation:

I've acquired a private loan for 200k cash at 1% interest for 30 years. I don't think I could even qualify for any traditional financing, as I'm 23 years old and got my real estate license about seven months ago, and I've yet to generate a steady income, but on the plus side I do have an immaculate credit score...Anyway, I plan on buying a condo at a judicial sale in Chicago this month. Without going into too much detail, I hope to get at least $20k in instant equity because I won't bid any higher than that margin and assuming minimal rehab costs because I've seen interior photos. The market rent is about $1800, all of this based on my extensive analysis of similar units in the same building in the past year. HOA is around $200/mo and taxes around $3500/yr.

The second question I have is more hypothetical and involves an explanation on leverage. Let's say I saved up this $200k from a job and could qualify for traditional lending. Would my initial strategy still be a good idea to invest all $200k cash in this one condo, or would it be better to allocate the $200k leveraging "other people's money?" I keep seeing scenarios on leveraging money, but they don't always factor in expenses like PITI. Thanks for the advice in advance!