I helped a client of mine rent out a very nice 2 bed condo in the Midtown neighborhood for $4500 month. The El Camino Way address corresponds to the "Hamlet" complex. It suffered from delayed maintenance a few years ago but is quite nice.
You will be quite challenged to find a 1 bedroom apartment in Palo Alto for $1200 month. That price for a 2 bedroom rental at a place as nice as the Hamlet is simply not believable.
Palo Alto home values: http://julianalee.com/test/palo-alto-statistics.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
John P. Lauer, Realtor
Keller Williams Realty - Palo Alto
Next to the listing is the above link. Notice if they do not provide a real phone number to contact them locally, you can be their next victim.