Real Estate Investment Advise in Midtown Atlanta Ga.?

I had an offer to purchase a piece of property in an up and coming area of Atlanta Ga (called Midtown). The unit in question is a 1-bedroom apt. about 820 sq.ft for $164K.

This price is the pre-sale price as the original owner's credit is not high enough, thus denied the financing. The going rate for similar units is around $200K (and above). I could rent it out and get up to $1200 a month on it.

Question is even though it sounds like a good investment (both short term and long term) is there something I need to watchout for?
Thanks

Midtown has been a popular area for investors and it sounds like you have a sweet deal, whcih I would jump on at the soonest. The only thing that concerns me about the area is that there is a glut of units coming up. So much construction concentrated in one area is never good for existing properties and may affect value down the road. This is not say, value will not appreciate but probably not as rapidly as in past years. So if you are a short term investor interested in flipping, then you might not do as well as you would have hoped. But if you are in it for the long haul, then holding on the property for rental income may pay out better down the road.