Buy or continue renting?

[Account Closed]

Hi All, 

So I live in Los Angeles and I rent for $1,200/ mt, I have seen a similar 1 bed on the on the market for about $200k but it needs some work.  My current rental lease will finish soon, thus I will move into a place of my own, but I will have to pay $1,400 for mortgage which will include all insurance etc etc.  My concern is this:

- When I decide to rent it out in after about 5 years, I have used Brandon Turner 4 square method and it show I will be losing about $300 a month.  Or I can break even without saving money for vacant and repairs.  Or shall I save more money for a down payment and get a better place and continue renting. 

I look forward to your response. 

Thanks

Al