First Investment Worries

[Jatin Shah]

Hey all, first of all thank you in advance for all of your responses.  I saw a condo today that I really liked. It was at a price that I can take on right now, and it was near a large university so I'm optimistic about rental opportunities.  

Since this is my first investment I'm a little hesitating to pull the trigger.  I wanted to run the numbers by you guys.  My question is, as a first time investment, does this sound like something worth going into? 

- Two level Condo; 2 BRs, 2 1/2 Baths; very small patio area; Appr. 1,100 sf. 6 - 7 years old, and fairly well maintained. 

Asking price: $100K

(All amounts are ANNUAL)

Approximate rental: 11,100

Taxes: 975

Insurance: 600

Pr Mgmt: 1,100 (most likely will use one) 

Repairs/Maintenance approx: 400

HOA: 1,200

Mortgage (P&I only):  4,836

Yearly Cash Flow Before Taxes: $1,989.  Feels kind of tight to me. Property Mgmt fee is a killer.  Of course the property mgr has other one time costs at the outset that I'm not figuring in. 

Thoughts?