First deal: Efficiency

[Zack Murphy]

Efficiency in a condo building across the street from major urban university. "motivated seller" in ad title

List: $120,000 (down from 150,000 a week ago)
Currently rented @ $1300
taxes: $157
condo fee: $387

Expenses:
95920 @7% 30 years = $640
1300 x .5 = 650

CF's 10 bucks a month this way

I'm thinking of offering $108000

I know the CF is on the low end but its my first deal in an area with VERY high demand and a captive audience (college kids). Being an efficiency im less concerned about kids tearing it up as only one person will live there. I'm looking to buy and hold long term.

Thoughts?