Deal or no deal?

[Brandon N/A]

$3,000 / month in rental income (6 x $500)
less 50% for expenses = $1,500 / month

$180,000 purchase price
$ 25,000 renos
total investment of $205,000
205,000 @ 7% & 30 years = $1350 / month

+$150 / month

* worst house on a good street (properties on both sides assessed at over $300k)
* could tighten management of property to reduce expenses to less than 50%

Thoughts?