Amazing deal?

[Don Bradley]

Hi all, 

I am fairly new to real estate and am looking to break into the Chicago market. I am a CPA and work with numbers for a living. I have one question for you. My goal is to buy a 2 BR condo and rent one of the rooms out. As an owner occupant I am pretty certain this would be ok with most condo associations. My question is this, I came across this 2 br condo foreclosure which I fell is dirt cheap for the area as the rent is fairly high. Can someone glance over this and explain to me how this could potentially be a bad deal? 

http://www.zillow.com/homedetails/3950-N-Lake-Shore-Dr-APT-2315-Chicago-IL-60613/3713619_zpid/

Based on the Zillow my mortgage payment would only be $491 mo (with a 20% down payment) where I know for a fact I could rent the room out for approximately $700-$800 once it's in decent condition. Any feedback would be appreciated. 

Regards, 

Don

[Jonathan H.]

For what it's worth, you may want to refrain from posting exact links to the property on the site until you have a "option to purchase" agreement signed. It's best to just give the numbers and fill in the blanks as needed. In general, 99% of the people on here will be glad to help you with your analysis, but there will always be the 1% looking to "steal the deal" from you (assuming it really is a deal). Just my 2 cents...