From pictures I estimated about $15000 in repairs to bring it up to ARV. 

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

If this is along the line of what you are thinking, keep in mind that a condo of less than 600 sq. ft. will rent for less than a larger one so you will need to adjust the rental estimates you stated in your message. 

@steve Vaughan Zillows Estimates its worth 126k

This is good because you still have an emergency fund if something goes wrong and you can accumulate more properties faster. 

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.