Advice for a partner buyout in Oshawa

[Keith Smith]

Hi Guys,

I'm one of three partners in a 1 bedroom + den condo located in downtown Oshawa. The other partners want out so my choice is either buy them out (and rent it) or we put it on the market.

The condo was purchased for 150K, likely has 300K market value after needed renos.  It could be rented out at 1500/month (unsure condo fees at the moment).  There's about 30K of renos needed either way, and the market value has appreciated significantly from when we bought it so a good profit exists at the moment.

I'm trying to weigh the pros/cons in terms of cost savings (taxes, etc.) and market risks long term presuming I buy them out and manage a property myself. This situation caught me by surprise and up until now, it was hands-off for me so I'm feeling overwhelmed.  

Questions....

Can anyone comment on their experience with the Oshawa market, rental rates, vacancy rates, etc. in the downtown area?  

How should I go about evaluating this investment?

Please help focus me on the questions I should be asking. :)