GOOD DEAL? or BAD DEAL? HELP!!!

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GOOD DEAL? To those who know Vegas and/or have experience renting investment property.........HELP!!! :help: :help: :help:

485 sq ft Studio in apartment turned condo, in community that rents at around 95% occupancy
built 1983, updated in 2003
1/4 mile from Palms Casino
Sales price 110K, 10% down required
11K cashback at closing, if financing is done through preferred lender (covers 10% downpayment)
Management takes care of all internal repairs
Current tenant renting at 605/month, on lease through 3/1/08
Developer offering leaseback of 770/month + no HOA fees or Mgmt fees for 2 years (guaranteed to net profit $90 per month after taxes for 2 years)
After 2 years, owner receives whatever property rents for, plus is put in a "Shared Rental Pool": a quarterly check of [Going Rent of all comparable studios in community]X[% Occupied in community]-[losses/improvements of the community]. This amount is usually between $300 and $600, after its evenly divided.
*Reason for incentives is because developer is refunding 10% down payment required and wants to hurry and sell units for a quick turnover. They purchased in mid 2006.*
Nice landscaping--property does not fall under water ban restrictions so has plenty of green grass.

My goal is to refinance or sell in two years.
What do you think? Sound like a bargain? Ripoff? Should I take it and run? or just run? Please leave details!!!!! :help: