Help me analyze this deal

[David Carr]

Hey guys, I've put a few offers out but I was curious about getting some feedback on this one. Trying to pick up a townhouse local to me that will rent out for a decent amount. Rental comps for the property are $1400-1600 as verified by my agent. The townhome is a 3 bd, 2.5 bath, roughly 1600 sqft. Roof was done in 2008, HVAC in 2013, Electric water heater in 2014. Washer/dryer appear to be 5-10 years old. Paint and carpet is a few years old. It is a short sale, the owner has health issues and is looking to get out. The property has been listed on the MLS for 400+ days with little to no serious offers. Comped properties come in around $140-150k in similar condition. I plan to self manage the property.

Asking Price: $130,000

Down Payment: 20%

Closing: $8,000

PMI: $0

HOA: $150 / year

Insurance: $1,000 / year

General Maintenance / CAPEX: $900 / year

Water/Sewer: $1800

Real Estate Taxes: $3,900 / year

Rent: $1500 / month

First offer: $110,000

PF Cap rate - 8.06%

CoC ROI - 17.44%

Cash flow: $523.32

Thoughts?