Condos are a good opportunity for investors. There is no roof or exterior maintenance to worry about since they are being taken care of by the condo association. The only repairs that typically need to be done is servicing the furnace, air conditioner (if applicable) and hot water heater. Sometimes are things that need occasional work are the applicants in kitchen & plumbing. There are a couple things to consider:
-The policy by the homeowners association on the # of units that can be rented at one time.
-Any increase in the common charges or a special assessment can hurt your bottom line.
-When a neighborhood turns into almost all investors, it becomes very difficult for future buyers to obtain financing for future buyers and prices do not appreciate as much as owner occupied communities.
-Keep an eye on the cashflow (rent vs. your expenses) and budget for any vacancies or items that need to be repaired.