I, personally, wouldn't call Canal Winchester a "good rental market," for the reasons you stated and then some.
Condos, historically, have not been the best investments. They tend to appreciate much more slowly than single family homes. Many of them depreciate over time. We've seen that in the last (5) years. To be fair, single family homes have also depreciated, but not at the same rate. There are also other issues with condos.
Overall, I wouldn't consider buying a condo in Canal Winchester as a rental a "good investment."
If you are new to the area I suggest you hook up with an agent who knows the Columbus area and knows good/bad investments. Look for somebody who works with buyers more than sellers.
Check out my website http://www.Advocate4Buyers.com
The HomeBuyer's Advocate
Depending on the sq. ft., unit and upgrades you may be able to rent that unit a little higher than $650.00. Your only concern as an investor is the condo association fees. If your fees go up it will cut into you profit and timeline.
I have a listing there that is an approved short sale!!! $48,000, 2 bdrm., finished lower level, located directly across the street from the clubhouse! Perfect location and price. The condo is in PERFECT condition, with a stainless steel dishwasher, and fridge.
Let me know if you are interested!