Unless you are in an appreciating market cycle. I have observed three RE cycles and participated in two. The up cycle in all of them has resulted in very high appreciation rates for well-located waterfront.
I own and operate a cash-flow positive vacation rental. The market has been flat. When it rises again I may sell.
As far as cash flow goes on this type of property, a lot of them are negative. Mine has a suite which has made the difference. In addition, we use it regularly and I can claim accommodation rates when there for work. Airbnb has extended the shoulder rental season significantly.
I don't believe I could have obtained the same after tax returns on my investment in the stock market.
As for the question posed by the OP, it likely depends on appreciation. As is, it doesn't seem like a fantastic investment, although we'd need to know the down payment, how much equity is being paid down each year, and what the actual net loss is if it constitutes a deduction from income.
Where I live condos aren't usually a good bet due to higher management costs resulting from strata fees, plus usually a lot of restrictions in the strata rules.