The thing I love about new construction is that everything in the home is on year 0 of its useful lifecycle when you start out with the very first tenant. 

Views on life, wealth, family, and time can often change at any given point in our life cycle.

If it's over 20 years old, it has probably lived its life cycle.

Ned is spot on with what they do on HOA's (search for HOA reserve estimates on google) - but is missing one point- you also have to estimate what point in the life cycle the items currently are.

It's the seller saying "let me patch this up and if something goes wrong you own it now...bye-bye"If it's at the end of it's life cycle or heading that way a smart buyer will demand complete replacement.Showing that you have a new roof with proper drainage at the roof and taking water away from the house eases buyers minds about water infiltration.

I may not spend as much on maintenance and capex right now but in a few years I certainly will as every component has its own life cycle.  

The shorter the lifecycle, the faster i can ramp. 

Everything will work itself out - we might see more renters for the time being but everything in life cycles

Back to your original post, the reason 99% of the respondents would recommend 1031 is because they are not where you are in the investor life cycle, the risk/reward continuum, or the growth/depletion curve.

A great inspector is going to let you know the life-cycle of the siding, and potentially scope out the roof to give you an idea about how long before the next special assessment should be coming...And while in condo's in general you own what is between the faces of your drywall, if the HI finds moisture or leaks in your plumbing you could be facing a bigger headache than if you just owned the whole building.Also have you made sure the condo is financeable as an investment property?