It's a good cash flow case, you should buy

If you rent out for 700, deducting 230 HOA and 50 Property tax and 50 insurance, you still earn about 370 cash.

If you can work hard and get the condo completely rented for 12 month in a year, it's a good deal. However if you can't guarantee 100% occupancy, take 25% off the cash every month as equivalence, you will be earning about 270 a month, still okay. Better than putting that in a bank.

Another thing I have talked about is the amount of work and worry, and potential repair cost. But your future appreciation may be able to offset the effort you put in.