When buying to rent out, you also need to think about the future.
If a condo is cheap now it could be because the complex is not approved for FHA financing.
When you go to sell, if that is still the case, this will limit your ability to sell. The best bet usually is to invest in a single family home. A lot of investors seem to agree that Fairfield and the rest of Solano County is a great place to invest, since the cash investors are tripping over each other and making it very difficult for first time buyers to find a home.
Also, is your Realtor hiding short sales from you ? If you have the patience to wait it out, you might get a better place than you thought you could. Make sure you are looking at REO's , short sales , "flip " houses and traditional sales. Good luck.