Of course, it's all about location. Knowing the subject property is paramount before getting to in too deep for us, but whomever your preferred agent is they can provide you the tools to best determine if it makes financial sense.
I hope that helps
Another resource would be the president of the HOA. They often have knowledge of the other rentals in the complex.
When I have a client asking a similar question, I run a search for other rentals in the area to see what they were listed for. Final rent is not published, so we don't know in the end whether the posted rent is the actual, but we have a basis to work off of.
The other question is what will the market bare? You can ask for however much you want, but renters are like any other consumers. They will compare your offering to others at the same rate and go after the best value.
If you are using an agent/broker to help you purchase this, ask them what they can provide for rentals in the area. Compare both active and rented before you decide. If some active ones have been on the market for a long time, they may be overpriced or have some location issues.
Best of luck.