Pros & Cons of Owning Condos

[Cosmo Iannopollo]

Just wanted your thoughts on whether or not you would recommend buying and holding condos as rental properties. I ask this because I recently found a 2/1, 700 sq. ft. condo selling for $39,000. With 20% down and a $136 HOA, the expenses are around $500 with rents in the area going for $900 and up.

Obviously this is great cash flow with a property I will own outright basically as fast as I want. I know some people are hesitant to buy and rent condos, but this deal just seems like a no brainer. 

Thoughts on condos?