Your note sounds like you might be a first time buyer. And it sounds like you have identified an area that you like or have been watching the values and the units. It is a great time to buy when you are ready and you identify a good location with strong values.
SInce 91101 is a Pasadena zip code and is associated with the condominium area south of Colorado Boulevard, you are looking in a good area to start with for a first time investment. My office is actually in the 91101 zip code across from the Paseo Colorado at the corner of Marengo.
The increased number of bedrooms certainly has advantages, however, if all you can afford is a one bedroom, just try and find the best one bedroom available. A one bedroom sells just like a 2 or 3 bedroom. In a resale, there are always people looking for the cheapest thing possible, so a one bedroom would work most often with that criteria. However, more people need a 2 bedroom for family or office or guests, so that is a better option if you have the funds for more than 1 bedroom.
As far as renting, condos and houses and apartments are all good for investment income, there is always a market for a good unit in a good area.
Just remember that with a condominium, you have the monthly Home Owners Association dues. You need to factor that into your monthly costs. They vary depending on the building association and the amenities that the building offers. I own houses, units and condos, all as rentals, so I actually have personal experience myself, not just from buying and selling for my clients.
If you would like further assistance, I can be reached at 626-319-0585.
I hope to hear from you, Ann-Marie Villicana
225 E. Colorado Blvd., Pasadena, CA 91101