Condo, good rental investment....yes or no?

[Julia Vang Hart]

I have an opportunity to purchase a condo for little to nothing around $30K. It's in relatively good condition. It's a 2 bedroom 1.5 bath. It's in an up and coming area. I plan to have it totally paid off in 5 years. Here's the rub. The monthly association fee is $120 a month. Once the condo is free and clear I'll have monthly obligations of $250 a month between taxes, insurance and association fees. Rent will be about $700 a month. 

Because of the constant HOA fee Is a condo a good investment or should I put my money into single family homes?

I'd appreciate your thoughts on this.