I need other peoples advice on this property

[Yousef Reda]

Its a 3 bedroom, 2 storey condo, in Edmonton Alberta. Its right in the heart of downtown Oliver Village. An arena(Rogers center) being built there soon. Its 9 minute walk to a university, few minutes walk to a shopping center. 

Pros:
- location
- He says it cash flows well. I did the calculation it should cashflow me 517(but if i use a property management service since this is a long distance investment i should cashflow around 300$/month) The rent he charges seems high 2200$/month for a 280,000$ property. He showed me the last 3 years of him being able to lease it to university students on yearly agreements

- HOA has good reserve
- HOA manages well
- Underground parking
- Currently rented till August

Cons:
- Older building and newer condos are coming out around the area

- Calgary market is down and hence may affect edmonton prices

- Apparently previous tenant says it smells like marijuana few times a month
- Condo price seems to be on the higher side for condos in that area.  

- This is an out of state/province investment for me
- May need renovations in the future

I offered this guy $260,000, he said hew ont go lower then 275,000$. Do you guys think this is a good investment property overall from this information? Please advice this is my first investment property and hence I want to be very diligent!