Help analyze tshis Chicago suburb condo deal

[Peter Halliday]

This is for the suburb of Arlington Heights.  I have a lead that's come in for a 1bed 1 bath condo about 800-900b sq ft.  I am still doing research on whether this is still rentable, but the current owner is.  This building hasn't had a sale in almost 2 years.  But the last two comps came in at $55,000 and $60,000.  This owner won't sell for less than $70,000 he's saying.  

The rents in that area are conservatively $900.  The PITIA (Payment, Insurance, Taxes, Insurance, and Association Fees) total to $583.  So, the price he wants does seems to make sense with the numbers, but only if you ignore the comps.