Annual operational costs: 2400 (HOA) + 800 (TAX) + 200 (maintenance) = 3400, no mortgage is assumed
Thus, your ROI = (9600 - 3400)/169000 = 3.67%
The keys are to
1) capture the opportunity of higher rent
2) minimize your maintenance cost
3) not use mortgage, which has downside -- your fund of $169000 will be locked in this deal