Help with first cash investment

[Rosemary Rendon]

Hi. I am looking to buy my first investment in Miami. I found it through a wholeseller. It’s an apartment 1/1 by North Miami area, close to Barry University,  it’s needs a full renovation, it’s pretty much an empty space.  

Apartment is selling for $62k cash.

HOA is 200

Owner owes last 3 years of taxes( wholeseller says he will pay that before closing)

Full renovation will be $20k (My husband is GC)

Similar apt rents out for $950 monthly

looking at my numbers I am thinking of $400 monthly cash flow.

Please let me know your opinions please.