Condo analysis in Orem, Utah

[Tanner Morrill]

So I (a newbie) checked out today a condo listed on the MLS (#1321480) and I want to see if I'm analyzing this correctly. Here are basics:

List price (assumed purchase price): $114,900 with 20%down on conventional loan at 5% and minimum monthly payments of $493.45.

Gross max rent (estimated): $1000/mo or $12000/yr with 5% vacancy rate. 

Operating Expenses:

HOA fee: $1080/yr

Taxes: $609

Insurance (guess): $600/yr

Maintenance: $1500/yr

Property management (educated guess): $960/yr

TOTAL OP. EXPENSES: $4,749/YR

RRA: $200/yr and debt service at $5921.36

NET OP. EXPENSES: $6651

BTCF: $529.64

CAP: 5.79% (pretty bad!)

COCR: 1.96% (pathetic)

Debt/coverage ratio: 1.12

50% rule: ($221.36)

1% rule: ($149) 

IRR: 43.7% (pretty good, right?)

To get good cap & COCR rates above 10% I need to buy this place for $60k, right? Did I miss anything? Do your numbers agree with mine? Thanks!!!