Good deal in Memphis? or too risky?

[Ben Roberts]

I was approached by a friend with a house to sell in Cordova, TN, just outside of Memphis.  He owes $118K on the house, its a rental and his tenants just renewed their lease for $1,400/mo, and the property is being professionally managed.  All he wants is enough to pay off the mortgage and for the buyer to cover closing costs.  Rather than trying to wholesale or even "wholetail" the deal, I thought about keeping it for myself.  I know the home really well and it's in a nice neighborhood.  

If I've got the numbers right, its break even each month but the house is worth $140K-$150K. Probably closer to $150K.

$1400 Income

-$140 Mgmt Fee (%10)

-$112 Vacancy (%8)

-$210 Mntc/Repairs/Capx (%15)

-$915 Mortgage (PITI)

I know it's tight but do these numbers look reasonable?  Is there a better way to make some money on the deal? or am I trying to force something thats not there?