What is the $1,700/month based on, and which neighborhood is this?

Identifying value-add opportunities in strong neighborhoods and negotiating deals that make sense is something I’ve done a lot, so I understand what it takes to make these projects successful.If you’d like, we can connect and talk through some strategies or areas to focus on—I’m here to help however I can.

I don't have any area or neighborhood in mind. 

Population decline has slowed, and key neighborhoods are seeing real growth.

One with low cash, one with some owner financing and a little less price. 

This is not a market for a generic, new build, cookie cutter home in an HOA neighborhood!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Am I correct that a condo, depending on area and neighborhood, could be a lower risk/maintenance investment for an absentee landlord as opposed to other properties?

My recommendation is neighborhood specific.

Low risk investments sell at a premium, that's the whole idea of cap rates.