By sales comps, the "ancient" past of 2007 is completely irrelevant. The rule of thumb is to find closed sales (not listings) in the last 6 mths and within one-half mile of your property -- preferably condos. Your agent can pull these numbers very quickly using the MLS.
Condo associations create a lot of unknowns and extra risks of special assessments and mismanagement, particularly when numerous units are vacant, as people have pointed out. If you can make $5-10K from flipping that would be my course of action, then find a better property.
Your cap rate (net yield on your 73K investment) will be a paltry 5% if you hold this:
1600 rent per mth
- 750 HOA
- 225 taxes/insurance (est).
- 20% of 1600 for vacancy, repairs, prop mgmt
=305/mth NOI
That's poor in any context. Please consider moving on.
Why on earth would one want to buy where 40% of rent is hoa? You gotta deal with neighbor's noise/damage/nuisance and if they don't pay, your hoa could go up. U get fined if your tenants don't follow the rules. Hoa can change the rules overnight and not allow renters and you're screwed.
There's enough aggrevation in this biz w/out having to deal w/ hoa bs.