The property value has increased dramatically over the past 5 years, 100K.  

Because those rules are simpler than analyzing your own risk/reward profile or long-term investment goals, they attract a lot of attention.  

@Jay Hinrichs Good point there...I was simply implying that if @Katie Haney or any investor can work with a real estate professional her chances of success will increase exponentially.  

I picked up my condo for a great price and did a complete remodel which has increased its value by significantly more than I put into it, which made me think why don't I do this with other condos and sell them at a profit (hopefully).

Goal is to buy and hold long term in good neighborhoods that attract good quality tenants .Can someone recommend cities across US where it is possible to cashflow or breakeven  on condo investments in grade A neighborhoods? 

So they got what they wanted which was a chunk of cash up front and I got what I wanted which was a good return on my invested capital.The seller had a recent appraisal on the building so I offered them a bit less than the appraised value and we worked out a rent that is comparable /sq ft to similar properties in town.The seller gave me yearly rental increases and I gave him the option to buy the property back from me any time during the 5 year lease term because that was important to him.One of those classic win-win deals.

It'd be great if they built a train or something to make the commute more reasonable, and then I think the city could be more attractive.  

I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less.

I put together an amendment to their lease, "deferring" September and then increasing their rent through the rest of the term.

I have noticed an increase in used multi-family unit hitting the market over the last 30 days so there are out there.