Taxes?
HOA?
Special Assessment!?
Generally condos suck for rentals (where I live). Possible that they are good where you are, but that feels unlikely.
Also this is small potatoes. Like I get it, we all start somewhere but the furnace on that condo will cost the same as a furnace on a 400k house you know? So a medium sized repair might wipe you out for a year.
Its not bad, but you need to give us more info. Would I buy it with what you told me? No.
If Condos make the 1% rule im pretty sure you can find a house, duplex, building that might as well. I would keep looking.