Evaluating deals in Denver: what's a realistic NOI?

[Bill Coleman]

I have been analyzing condo and townhome deals for the last couple months in Denver metro and I am having a really hard time making the numbers work. I am looking for a little advice from some seasoned pros as to what is a reasonable NOI before and after debt service. I am afraid that I am setting my expectations too high and might be tossing out perfectly good deals because of unrealistic expectations.

For instance, I found a condo for $60k (list price), $200/yr taxes, $184 HOA, 10% vacancy, 10% management co, and $60/mo insurance. I am estimating rents at $760/mo. If I ignore debt service (assume I buy cash), then my NOI is $208/month.

Is that good for this market? Seems like a ton of risk and work for $200/month. I feel like I want $500/month minimum NOI to make me feel like I am getting compensated for my risk and hard work.