It depends. It depends on the location and condition. It depends on the ratio of value to rental rates.
In many areas of the country (but definitely not all), you can rent a property out for 0.6%-0.9% of its value. In your example, the expected range could be $300-$450. But I know some places where you could buy a property for $50,000 and rent it out for $600 or more.
And with condos, don't forget to factor in the condo fee as part of your expenses.
For more information, check with a local Realtor.
Hope that helps.