What should I know about condos?

[Chris H.]

A bird-dog I use often reached out to me about a potential condo deal.   Ready to go, no maintenance required (this is unusual for me, I usually buy fixer-uppers.)

The numbers: ~$85k purchase price, rented at $750/mo currently but should easily increase to $800/mo. (Zillow thinks $900/mo rent and $105k value.)  

The condo is ground-level and looks like a small house.  I've only done single-family homes and a duplex in the past.   What is different about condos that I should consider as an investor when analyzing?  Are there extra fees I'm not considering?

[Elijah F.]

Review the house rules of possible. These can make a condo a headache to maintain and manage. Condo board members could also make life difficult or pleasant but you wouldn't know unless you inquire from current residents.