Investing in condo unit in downtown phoenix

[Alaeddin Almubayed]

Hi, I'm in the process of closing on a 1 bedroom unit in downtown phoenix. the unit is 550 SQFT and top floor. I know the property is not cash flowing a lot. I can rent it for 1.2k and I paid 240k for it. I still have 5 days to backout I feel like i made a mistake. I'm worried about the Phoenix market and if the unit will even appreciate in the future. I'm also worried HOA special assessments although the unit is brand new. please help me If I should proceed with this deal. thanks

[Nicholas L.]

@Alaeddin Almubayed we need more information.  Did you buy this solely as a rental, or are you going to live in it first?  How are you paying for it - cash or financing?  Is the monthly rent just a wild guess, or do you have actual comps from a real estate agent?  How many other properties do you own?  What is your estimate for monthly expenses?  Who pays utilities?