First off, you can't buy this property because it's not available. It's a pre-foreclosure. It's not currently for sale.
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 www.Advocate4Buyers.com
The HomeBuyer's Advocate