Buying a condo unit to rent - Is this a deal?

[Ted L.]

I'm thinking of buying a condo to hold. It is in a complex of buildings and has a total of about 200 units. It is desirable and I would think the rent amount puts it at a level of a luxury apartment community which makes since because it has similar amenities.

Is this a good deal?

Am I missing anything big?

Purchase: 93k

Closing cost: 3k

Minor prep: 3k

Total purchase: 99k

Monthly income $1295

Monthly expense:

Mortgage: $450

Tax: $200

HOA: $200

Insurance: $65

Vacancy/repair allowance: $130

Total cash flow: $250/month

I'm expecting total cash investment at $20k

Cash on cash: 15 percent

Two items: I am not including management expense because the reason this appeals to me is that it would be simple to manage myself. High rent folks with fewer issues and lawn/snow are taken care of by HOA

I'm also not including a lot for vacancy and repair. The unit will be renovated and made ready before placing a tenant and The HOA keeps a reserve for the exterior and has recently reroofed all the buildings.

Thoughts?