However, lenders will discount your projected rent (that is, the fair market rent) for the property by 25%. So, if all expenses (PITI, condo fee, etc.) come to $1,500, a lender would want to see a lease showing someone's paying $2,000 a month.
Second issue: You're talking about an investment loan. Your interest rate will be somewhat higher, and lenders in general will want you to put more money down; they'll want more equity in the property than if it were your primary residence. That's certainly possible, but may make the purchase more expensive than you initially calculated.
But, if you've got the money to put down, are willing to pay a somewhat higher interest rate, and can keep the expenses to 75% of the rental income, you can probably do it.
In the D.C. area, some investors are finding cash flow properties in Prince William County--Woodbridge and surrounding areas. They're buying foreclosures--3/2s or larger--for as low as $110,000--without much money out of pocket.
Hope that helps.