Help analyzing deal

[Mark Proctor]

Hi guys, I need some help analyzing a deal.  I'm brand new to this, so there's a lot of things I might say wrong or not say at all.

I'm looking at a condo in Knoxville, TN with 336 sqft.  Asking price is 195,900.  I can put 20% down.  Interest rates seem to be around 7.5%.  The asking price seems extremely high to me, but I just offered 170 to a "sell by owner" and he turned it down because I wouldn't waive the appraisal and apparently he found somebody who would.  The one I'm looking at now is on the market, so I wold hope he wouldn't waive the appraisal.

I'm looking to use it as an AirBnB.  Average monthly revenue for that zip code over the last 12 months is $1,983 (from rabbu.com).  I also see that the annual revenue for condos in that specific building range from 19k to 31k, with most in the mid 20s (from awning.com).

Is this deal worth it?  Thanks!