Small building Condominium in Chicago

[Diego Romero]

Hello,

First time posting here. I am looking to buy a potential 2/2 condominium unit. The unit is part of a 4 unit building. The reason why the deal intrigues me is that it is a condo unit in Downtown Chicago that is not in a high-rise and has low HOA fees ($150/month). The entire building was gutted and renovated in 2009 and converted to condominiums. The units themselves have not had any tenants since then. I don't know why this is such but I do know it could have been easily rented as I have a rental unit around the corner myself. Therefore, the unit itself is fairly relatively new and in good shape (water heater, furnace, and appliances are from 2009). I do not know the condition of the roof but the top floor tenant owns the rooftop deck on the roof (however, I may still be liable for roof repairs?)

The price of the condo is market price, there is little to no room for bidding lower as other comparable units are selling for higher. After 20% down, the monthly payments (mortage, interest, taxes, insurance, HOA fee) is $2050. The unit itself can be rented for $2500-2600.

My questions: 

1. Considering that I am paying an HOA fee (goes to reserves, insurance of building, water, sewer, and trash payments), and considering the unit is relatively new, how much should I be putting towards maintenance repairs and capital expenses on a monthly basis? I would manage the unit myself.

2. How do you account for increases in property taxes (Chicago is more than likely going to increase taxes for the next few years)?

3. In today's market I can rent the unit for $2500, can the rents drop significantly in the future? 

Goal: Looking to cash-flow at least $100/month after all costs and expenses. Thanks in advance.