Looking to make first deal (condo)

[Scott Terrell]

I'm currently looking to invest in my first property. I've been focusing mostly on single family homes to buy and hold. However, I recently found the following listing on a condo.

Two bed two bath condo built in 1984. Located in a college town and 1 mile from the university. Seems to be in great shape (haven't physically looked at the property yet.) List price is $95,900. Estimated rent is between $950 and $1050. HOA fees are $112/month. The fee include waste, sewer, exterior maintenance, lawn, and exterior insurance. My calculations suggest I should get cash flow around $150. However, condos kind of scare me. I fear they will not appreciate like a stand alone house.

Any words of wisdom?