Condo that cashflows GREAT-but aren't condos scary investments?

[Kim Handelman]

Hey All, I'm currently wholesaling in CT so I can save to get a down payment for some rental properties. I got a call on a mailing I did from a guy with a condo that is cashflowing close to the 2% rule ($50K and renting at $950) I started looking at comps and see there are plenty that realtors are promoting as "Investor Heaven!". If you know CT then you know it's really difficult to find anything at the 1% rule much less the 2% rule. This would kill 2 birds with one stone - 1 - I can afford it and 2 - it cashflows well! The man that called me from my mailing has been renting this one for 9 years. So it's safe to say at first glance.

MY QUESTION IS: Am I crazy to buy a condo for an investment? I've heard so many horror stories about HOAs (Josh Dorkin would not approve!) Any advice?