But, the thing you really want to focus on as a first-time condo investor is the strength of the HOA and whether or not they have any pending assessments or litigation which is the condo killer.

That includes potentially checking out multiple brokerages in the same franchise. 

Income potential, location and price of property How did you find this deal and how did you negotiate it?

This is not worth the 27200k in potential profit plus taxes.Don't concern yourself with the 1% rule. 

I also have a 300sqft detached garage which I keep all my tools in, potentially could convert that.

ive got a potential seller with an existing mortgage left over of 190k an the home arv is abt 310k how would i go about my offer price formula with the existing mortgage? 

This could potentially reduce or eliminate your state tax liability on the property with a gain. 

There are a few good properties on the market that I feel have potential. - I have only ever purchased a turnkey property.

To me the $1500-$4000 a year delta between a 12% and up to 20% is not worth the risk of potentially losing a significant portion of my capital.

Consider factors like location, demand in the market, condition of the property, and potential rental income.