First investment I'm considering going into, want to have another opinion

[Jeff Formeller]

Planning on doing an owner-occupy with either a conventional or FHA loan for a condo in a 3-4 unit building. Great school district, close to the city downtown area, very close to train station leading into Chicago.

1. Asking $179,900 (way over priced)
2. Offer: $115k (comps suggest similar properties have sold for $111k and $127k)
3. Down payment: $8,000
4. Taxes: $3000; HOA: $125/mo
5. Improvements needed: ~$15k (flooring, paint, cabinets, appliances)
6. Vacancy: 1400 (one months rent)
7. Maintenance/repairs: $100/mo (budgeting for $1200 annually)
8. Potential Rent: $1300-$1500/mo
9. Utilities: would be paid by potential tenant
10. Insurance / Private Mortgage Insurance: $1500 combined (would hopefully refinance after repairs to get LTV of under 80%)
11. Would self-manage to add to cashflow.

Please let me know if I am missing something or if my numbers seem off. Thanks for your help in advance!