Help!! with Analyzing a property in Philadelphia

[Charlene Isoh]

Hey Guys i need your help!!!

I"m heading down to Philadelphia ( from New York) to look at a couple of properties that my real estate agent has  provided. There is a particular property that i have taken a great deal of interest in and for some reason my numbers aren't quite adding up on whether or not this is a great property to invest in for my first rental property (i'm looking for at least a 10% cap rate):

Key things about the property: from the pictures it seems like it's newly renovated in a C+ neighborhood based off of my research (Frankford, Philly, Pennsylvania), rent is going for roughly around 800/month in that area

Asking price for the property is $69,900 (property taxes is roughly around 1,100) again the place looks like it's been newly renovated so i'm not too sure from the looks seems like there will be minimal work. 

Using the rental Calculator it's showing me after i put in all of the expenses that i would be down -2000 for this property?? I would really appreciate the insight as i don't know whether or not i'm miscalculating. Thanks in advance!!

[Bill Devola]

Id consider it a sign from above. 

The numbers definitely seem to be off, but taking a step back, it doesn't sound like a great deal. Without crucnhing ANY numbers, you sound like you are at break even with a 100% LTV mortgage with no repairs/maint or vacancies figured in. Thats issue #1.

Issue #2 is the C+ area. 

Issue #3 is you're from out of town and making your first trip down.  I'm only saying this b/c I've been burned:  know your market.  When you start getting into C+, C-, D+ areas,  and you have a SF renting for $800/mo, you don't need the headache of trouble filling a vacancy that you have to manage from 200 miles away.  

This is all really off the cuff advice, so take it with a grain of salt for this investment.