Please help me analyze my potential first deal?

[Wyatt Postal]

Hey guys I’m 20 years old and I’m currently working on getting my first deal! In my area in the North bay real estate is very expensive and I am looking into a condo for my first rehab/rental. I will lay out the info and I would love some input from you guys because I’m really wondering if this deal I found is worth it.

2 bed/2.5 bath 2 story 1100 sq. Ft condo with 1 car garage in a C neighborhood

Cost 315,000 and exact same floor plan next door sold in May for 345,000 with a basic low budget renovation (still a bit outdated) and my rehab costs would be about 15,000

Condo last rented in horrible cosmetic condition for 2,200 per month. Remodeled comps in the area rent for 2400-2500

Mortgage payment (7% down, 3.75%, PMI, and HOA) would be 2100 per month

My plan would be to remodel in one month upfront then live there for about a year or so then rent it out when I find my next deal. By then I hope to build enough value to apply to remove the PMI and increase my cash flow.

I know it’s not the best deal in the world, but what do you guys think? Thank you guys so much and sorry if I left out any important info