My First Deal - Does it look good?

[Jeff Spector]

Hi People,

For my first deal I'm looking at the following, please let me know your thoughts:

NJ Condominium in C+ neighborhood about 30 minutes from me, I plan to self manage.

1 Bedroom 779 sq ft.

Built 1960

Good condition, move in ready.

Purchase Price $80,000

Taxes: almost $2,800 (Annual, $233 monthly) 

HOA/Maintenance: just under $375 (Monthly) trying to be conservative

Insurance: $50 (Monthly)

Total monthly cost:

Mortgage (4.5%, 30 yr fixed, hold for 20 years) $324

Vacancy (5%) $67

Tax $233

Insurance $50

HOA $375

Maintenance (1,000/12) $83

Other (200/12) 16.67

Total $1,150

Rental Income: $1,350

Cash Flow $200

IRR 19.97% per year

Profit when sold $173,828

Cash on Cash Return 914%

Cap Rate 1.93%

Looks pretty good.  Am I missing something?

Thanks for any help!

Jeff