It would cash flow as a rental property but not as much as a multi. 

If your property appreciates 12,000 per year you are making $1000 per month plus your cash flow.

I did see a few great townhomes but the $960 HOA fee's are grossly out of whack and kill cash flow.Henderson, Summerlin, Spring Valley, The Lakes all have some great properties if you know where to look or have an agent who tends to get pocket listings.

Is the $1500 income the rent or the cash flow after properly allocating for expenses?

I have purchased 2 very well performing properties with significant cash flows. 

Purchase price: $146,000 Cash invested: $18,000 3/2 brick ranch located minutes from Fort Eisenhower where I was stationed in the Navy.

Not worth it from a cash flow perspective, and most of the investors I work with also avoid condos for the same reason! 

I have a short term rental in McKenzie Bridge, OR that I'm doing a cash out refinance right now and just got the appraisal report back.

Our partners will be bringing cash for the entire deal.

When done as an owner carry note it is still due but only as the cash is received.