Is it worth buying a rental property with high property tax and high HOA fees

[Pratik Desai]

Here is one of the example 

Property : Its 2 BR condo located in relatively prime location and in a good school district

Total investment required to own  : $2,20,000 to $2,50,000

HOA fees : $300 / month

Property Tax : $6000 / year or $500 / Month

Expected Rent : $1500 to $1800

Question : Different people in real estate is providing different opinions 

One opinion : Its a good buy because its a prime location and it will build equity and it provides constant cash flow and most expenses or damage to property are normally covered by HOA

Second opiniion : Its not worth an investment as there are many risk factors involved e.g. if property is vacant for 1 month a year or there is a bigger expense and it will eat up all equity.

Question : How does someone determine whats the right investment?