Condo as a rental?

[M Lindgren]

I've found a condo foreclosure that was built in 2003 and sold new for $135,000. The current asking price is $24,500.

Assuming I can't get people lined up all day long to pay $850/mo, is there any reason not to buy this property.

Taxes=$2K/yr
Asociation fees-$100/mo.
Insurance=$50/mo.
H2O=$50/mo
Mortgage (if financed)=$100/mo

Just not sure how you guys feel about having the HOA fees.