Advice on potential real estate deal?

[Andrew J]

Hello all,
I am interested in puchasing a fannie mae bank owned 2/2 condo as an investment property for around 30k. I have about 32k in savings. I am going with the fannie mae homepath program with 10% down plus closing costs. The property is about 1100 sqaure feet and only needs paint and carpet.

Here is the monthly breakdown
$189
HOA dues including water and cable $267
Taxes $77
Landlord insurance $32

Monthly rental income $1100-$1200 (Section 8)

Potential monthly rental income of 535 to 635.

What are your thoughts?