Okay BP friends - I need your help...

I think I stumbled upon a great opportunity but I would like to hear everyone's opinion and perhaps whether there is anything I am missing.

This is a 4 unit building consisting of studio apartments at 336 sf per apartment (basically shoeboxes). It is walking distance to a university which makes me nervous since I remember what I did to my college apartment (not at all proud of it but this was 10 years ago).

All 4 units are occupied so I don't think I need to do repairs and I won't need to look for tenants. They are renting at $450-$475 each for a total of $1,875 per month, although I think I could raise the rent and the contracts are almost up.

HOA fees are $1,152 per month which sounds extraordinarily high to me but it says that outside repairs (such as the roof) are covered. Real Estate taxes are $50 per month (is this the same as property tax)? Total expenses listed are at $14,424 annually with $22,500 in income for a net of $8,076, $673 monthly.

The property is listed at $89,000. I could probably raise the money for a $10,000 down payment as a loan from my 401(k) which would eat up $200 per month from cash flow since I have to pay it back. Also, I would need to finance the remaining $79,000 and there goes my remaining cash flow. 

Still, if I were to break even to eventually own the property flat out or raise the rent such that I am producing monthly cash flow, does it sound like a good deal?

Or perhaps there are other options I am not considering that would not kill my cash flow.

I appreciate any advice, guidance, suggestions or warnings anyone can offer. I'm excited but I don't want to do anything stupid.

Thanks everyone!