Your insurance alone will jump almost double if you rent to students, which will eat away from your profits (if there are any at your numbers). you are no where close to the 1% rule. saving $200 per month for maintenance is definitely not enough.

I insure for around 75% of ACV, understanding that a catastrophic loss is unlikely; however, if it does happen, I can eat the difference. 

Remember that any mortgage will be paid off in 30 years, some of them throw off cash flow and others eat cash flow.

You should eat your profits completely before he loses a dime. 

The inspection period passed so unless you have another contingency, I believe the seller can keep your money.The appraisal and inspection fee is simply your money to eat.

Not sure of your specific area and would also warn that condos have HOA’s which cost money eating into cash flow.From your numbers, this does not appear to have much of any cash flow.

Following this thread while drinking my Friday suds and eating my carnè asãda burrito..

They ended up using the LLC credit card to go to the spa, take their kids out to eat, etc.

If it passed inspection, this guy has to eat it.

One month of vacancy can eat up almost more than 8% of your total *income* (which means much more than 8% of your total profit).