Condos are typically terrible investments compared to single family homes. They are the first to lose value in a recession and the last to recover.
If you want to invest in real estate, you buy something for that reason and that reason only.
Don't expect to buy a place you want to live in at retail prices and make money. You probably won't. Particularly in a high cost of living area and particularly where you have to pay extra fees to a condo or home owner association.
If you want to get into rental property, get a copy of Gallinelli's book,
https://www.amazon.com/Estate-Investor-Financial-Measures-Updated/dp/1259586189/ref=sr_1_1?ie=UTF8&qid=1468038510&sr=8-1&keywords=gallinelli+cash+flow Learn how to calculate the numbers and then evaluate a property for investment.
There are 4 ways to make money:
1) Cash flow. That's the best (assuming it's positive). It's rent minus all expenses (current and set-asides for future repairs, vacancies, etc.). It's the best because you don't (often) have to fork out additional cash when something breaks.
2) Amortization. If you buy a rental property with a mortgage, your renters will be paying your mortgage. In effect, you are getting the property for the cost of the down payment and closing costs. That also assumes that the value of the property stays the same or goes up. If the value of the property goes down, the equity from the amortization process will be lost or reduced. And, if you are on a 30 year mortgage, you'll have to wait a long time before you see this.
3) Appreciation. The value of the property may go up over time. This is bonus money. But it has to go up at least 6% over inflation or you will give all that increase to the realtor when you sell. And if you don't own it for several years, you may have higher taxes. (Not sure on the details as I don't intend to sell mine.) Condos typically underperform in this category.
4) Depreciation. This is a tax credit based on the value of the improvements on the land and (maybe) the interest on the mortgage. It's nice to have but not a reason to buy a property, just a way to shelter a bit of income from the tax man.
I make my money currently with options cash flow and depreciation because I'm not planning on selling any time soon and they are the most dependable way to make money with rentals. Amortization and appreciation only help me if I sell or cash out the equity in the property via a loan. Appreciation is not in my control, so I don't count on it at all. (Because I've been buying for cash, I'll only get use of amortization if I cash out with a loan. I might choose to do that to acquire another property free and clear.)
I increase my net worth in addition to that because I buy homes that need work. My wife and I do much of the work to keep the repair costs down. Our purchase price plus the repair costs have been in the 55 to 65% of the after repair value (ARV) of the property. That's appreciation you can count on and it's quick. It doesn't take years to show up and it's not nearly as subject to the whims of the market.
Example: Comparable houses, but in good condition, are valued at $80,000. I buy a house for $38,400 and put about $7,000 into it. So, for about $45,400 I end up with a $80,000 house after about 10 weekends of work. I rent for $765, which is 1.68% of the cost to market. Conservatively, I should make about $4,800 after expenses and set asides for future repairs or vacancies.
Second example, comparable houses, but in good condition, are valued at $80,000. I buy for $37,000 and put $13,000 into it. Sadly, that took 6 months worth of weekends because there was more damage than we expected. (We had planned on $7,000 in repairs and 3 to 4 months.) We rent it for $820, or 1.64% of the cost to market. Next year I'll aim for $835, or 1.67% of cost to market. 2% of cost to market would be considered "the promised land".
Example 3: We're working on our 3rd rental now, after a hiatus caused by my mother's illness and subsequent death, and moving to our new primary residence. Purchase price $30,000. Expected after repair value is $80,000. We expected to put in $12,000 of work, but it's been a rough year, so we'll probably hire out more than we otherwise would. So, let's say $15,000.
Rental price we're aiming for is $800, but we may have to go $750. That puts us in the 1.67 to 1.78% of the cost to market.
Had we kept to the original $12,000 repair estimate, we would be at 1.79 to 1.9% of cost to market.
It's possible to make money buying a property at retail price on a 30 year mortgage - provided the rental amount is high enough. But it's a whole heck of a lot easier to do it when you're acquiring a rentable property for 50 to 62.5% of retail value...
So, if you are really serious, get the book I recommended and learn how to run the numbers. You'll find a slew of other books that have good info on how to find properties and how to structure deals to make more money or put less money in. Get them and read them, too. :)
Because I can assure you that if you think buying real estate for investment is anything at all like buying a house to live in, you simply do not know what you don't know. It will blow your mind to learn it. :)
Best wishes and good luck with your endeavors.
FYI, my journal on this site talks about the fixing up process we've gone thru on our rentals, in case that might be of use to you.