Intro & potential 'deal'

[Harish Ramroop]

Hi everybody,

My name is Harish and I'm really into the idea of real estate investment.  I look at that as a way to build my wealth.  I live in my townhouse in DC and also own a condo which is now my first rental property.  I need an opinion from fellow DC investors specifically who are experienced with southeast area (East of the River -- Anacostia and beyond).  I came across this potential condo to be my second investment.  It's 2 bdr 1 bath around 850 square ft condo selling for $60,000.  I figure maybe $5k is needed to renovate (paint, replace carpets, fixtures).  Because I do not have sufficient cash on hand, I was thinking to get a personal loan of around $45,000 for 5 years.  The monthly payment would be close to $1,000.  The condo fee is $275 a month.  I believe I can have the property rent for $1,400-1,500 a month.  I would be taking in around $100-200 profit.  Is it worth it?   Please help... thanks so much.