First look at a condo for investment

[Paul Shepherd]

Hi all! Looking for some quick guidance if possible. If taking my first look at a condo as a rental property. Normally I wouldn't be looking at condos, but this one might make sense. It's in a very rentable area. Listed for just under $20k. HOA is around $250/mo. Could rent for $600-$650/mo. Taxes have been below $1,000/yr. The unit needs some new paint and cleaning and that's about it.

Are there any other items I should be looking into in my due diligence process? I figure after HOA and other expenses, I'd pull in $300-$350 a month. That would have my money paid back to me in 5yrs or less.

Does this make sense? 

Any guidance you can provide is much appreciated.

Thanks!