Appreciate your assessment! 

You bought it as a primary and kept it to start investing, but that doesn't sound like a good investment and HOA can keep going up or there can be assessments and your appreciation is much lower in a condo than a single-family.

Can't even find a way to get in to assess the damage properly myself though.

Analyze properties using tools like BiggerPockets Rental Property Calculator to assess if a property will cash flow.

Be pro-active and assess risk now and not re-active when a GP drops a request on you.

And the 30% ratio does not work well in extremely low income area, you need to assess closer to 20 or 25% of income. 

- How do you assess the market and identify red flags?

Qualifying the BuyerCreditworthiness: Just like a bank, you should assess the buyer's creditworthiness.

Also remember with condos cashflow can be a moving target a special assessment can come along and constrict your cashflow without notice

You’ll want to carefully assess property values, renovation costs, and potential resale value to ensure the margins work in your favor.