condo investment question

I have $30000 down payment for a condo. I want to buy a condo that costs about $280,000. I can rent out for about $1400/month
I want to hold the property for about 5 years, does this investment make sense? I understand I will have negative cash flows every month. Has anyone ever done this and come out ahead?

Yonge/Sheppard area.

thanks 

 In which universe does a cash flow negative depreciating asset make any sense at all?

---

You cannot buy a $280,000 investment property if you only have $30,000 cash. For investment properties you must put 20% down so the most expensive condo you can get a mortgage for is $150,000.

Secondly an investment property with negative cash flow is never a good idea. Why would you want to subsidize someone else's living expenses?

---

Save $60,000 and don't buy the most expensive place you can afford. Unless you have a debt ratio of under 50% (meaning you can save over 50% of your income) than try to get a smaller mortgage than will be covered by the rent (with income to spare).

So if mortgage + fees and maintenance = 1400, and you can only rent for 1400/m (MAX) this is bad.
but if total mtg is under $1100/m, than this is better.

If you don't want to wait to buy a place, you will be forced to only afford a $150k property like someone else mentioned. So I hope you live in a cheap city (not toronto, montreal, vancouver, etc)

I am currently saving up enough for rental property as well as a large emergency fund.