What are your thoughts on purchasing a co-op property

[Tom Server]

My mind is all over the place.. so I come here to see what your thoughts are.. 

I'm looking to for a personal property for myself, I found a really cheap 1br co-op unit.. this is in New Jersey.. especially in the area wont find single family or townhomes, under 300k

The price of the co-op unit is around 130k, but co-op wants a cash purchase also the fees are $600 a month which are the taxes and HOA fees

you have to live there 1 year before you can rent the property out.. rent for this unit goes for $1600 a month 

my plans were to live there for 1 year and then rent it out.  My concerns are laying the whole $130 upfront and it being a co-op..my mind is telling me its not a smart investment for some reason.. with either renting or resale... what are your thoughts?

my thoughts..

Reason 130k up front.. if i rent it after a year, the best case pocket 1000 a month-- almost 11 years to recover my money..

Selling it down the line.. not many people may not have 130k cash to lay out for a 1br place. So sale may be difficult 

I guess I have to look at this as not as investment but as a place to live ?

Any suggestions or ideas??