Are you sure about those taxes? Where, roughly speaking, is this rental located? State + county would be fine. There are no state taxes?
Also, what interest rate are you using to calculate that mortgage? Bear in mind that investment properties will have higher rates than owner occupied. I would expect it to be 4.5% at a minimum.
Condos are pretty terrible real estate investments, usually. Even if you can make it cash flow acceptably, you're just one special assessment away from being screwed.
Taking into account the numbers you've given, 4.5% interest rate, $4K of closing costs, 10% expected vacancy, 2% annual repairs and reserves, and a property tax of $250 a year, this property cash flows $89 a month, with a $21K up front investment. That's a 4.87% annual cash return in year one, which is terrible compared to an index fund. One special assessment or long vacancy, or a move out of town necessitating property management, and you're negative cash flow. This one's not a winner.