Canadian Turnkey Deal

[Account Closed]

Hi I'm Looking to get into Real Estate Investing I got this Deal from a local turnkey company here in Canada from the looks of it the deal isn't good. 

What's your opinion?

2 bedroom Condo

Deal Selling Price : $269,900

1st Mortgage @ 80% : $215,920

Down Payment @ 20% : $53,980

Estimated Legal Cost : $1,300

Total Money Cost In Deal : $55,280 

MONTHLY INCOME 

Rental Revenue : $1,510 

Less Vacancy ( 5% ) : $76

Net Rent : $1,435 

OPERATING EXPENSES 

Property Tax : $151 

Condo Fees : $251

Property Managment ( 4% ) + GST : $60

TOTAL EXPENSES : $462

Net Income Before Financial Expenses : $972

Finance Expenses : $910

3% Variable Interest Rate 

30 Amortization ( Years )

5 Year Mortgage Term 

CASH FLOW : $62 

Average Principle Paid on Mortgage : $399

NET GAIN : $461