Does this deal make sense?

[Mike Heu]

Hi everyone,

We are currently living in Queens, NYC but are considering a move out of state (getting tired of the winters, high cost of living, need more space for our growing family).

One of the things we are considering is moving to Florida with the intention of also purchasing an investment property to create some positive cash flow for our income.

I was doing some research online and have found that many people recommend Lake Mary as an area that has nice neighborhoods, decently priced homes as well as investment opportunities.

I found a few listings for 1 bedroom/1 bathroom condos in Lake Mary and I was crunching some numbers to see if investing in one of them would make sense.

Here are the stats for one of the properties:

$30K Listing Price for 1 Bedroom - 1 Bathroom Condo
Regency Park at Lake Mary

Down Payment: 33% ~ $10,000
Mortgage: 30 year, $20,000 at 5% (estimated interest rate, correct me if I am wrong)

Income:
Average rents: $600-700/month (let's assume $600 for this example)

Expenses:
HOA fees: $150-175/month (let's assume $175 for this example)
Taxes: ~$500/year, $42/month (estimate, correct me if I am wrong)
Insurance: ~$500/year, $42/month (estimate, correct me if I am wrong)
Vacancy: 10% of gross annual ~ $720/year (estimate, correct me if I am wrong), $60/month
Mortgage Payment: $107.36/month
Management: 10% of gross rental income, $60/month

Total Expenses: $487/month

Total Positive Cash Flow: $113/month

Am I missing something from this calculation? Like maintenance on the interior? Assuming the HOA takes care of any structural issues with the exterior. Also, if this is not our primary residence will this increase the loan amount and affect the calculations?

And does anyone know anything about the status of these condos at Regency Park? Safety, crime, vacancies, etc...

Thanks so much in advance.

-Mike