Canadian Real Estate

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HELP !

So heres the deal.

Its a 2 bedroom Condo.

Asking $159,900 

Looking to put down 20% ($31,980) 

-Condo Fees are $374 per month ($4488     Yearly) 

-Property Taxes $952 Yearly 

-$127,920 mortgage @5% (Probably High)    =$754 per month ( $9048 Yearly )

Total: Expenses for landlord 

= $14,488

$24,000 - $14,488 = $9,512 Yearly Cashflow

$9,512 / $31,980 = 29.7% Gross ROI

$9,512 × 60% ( Subtracting 40% or vacancies, etc) = 17.8% Net ROI

My problems is that it's a condo so I'm held victim to condo fees and we are in a down market and so I have to be able to weather the storm which I will be able to handle even if it didn't have renters in it each month.