Mica Condo Studio for Rent

A flipper bought a studio at the Mica Condos in downtown Silver Spring. The studios sold for between 230K. Now, the flipper is trying to rent the studio out for $1700 a month. See this Craigslist Post:

$1700 - New Luxury Condo at Silver Spring Metro for Rent

Newly renovated studio condo for rent featuring:

Walking distance to SS Metro, Discovery Channel and Downtown SS.
Brand New club room, media center and swimming pool.
Security system, snow and trash removal and on-site maintenance.
Upgraded kit. - Maple cabinetry, stainless steel appl. and granite countertops.
Upgraded bathroom - Ceramic floor, granite countertop.
Washer and dryer in unit.
42" Plasma TV included!
Parking space also provided

The problem is that studios in downtown Silver Spring generally rent for between $800 to $1000 a month. There is NO way this flipper will be renting this place out for $1700.

Even, if the flipper could rent it out for $1100 a month, the flipper would still be losing significant money each month as the cost of the mortgage, taxes, condo fee and maintenance would add be more then the rent potential.