Does not seem to be a bargain. Condos will appreciate in value during a stable market yet, will typically make a bad investment for the short haul. There are many condos available throughout the Riverside area. The 92506 zip has condos that have recently sold at under $200k for the same size as you describe. You can expect 1-3% appreciation for a condo in a market where single family homes are appreciating at the rate of 4-6%. I do like condos for their broad appeal in the rental market. If a condo will be a temporary (1-5yr) residence for you and then, you plan on retaining the property for a rental, it could be a decent investment. For the price of $250k, you could buy a decent home in a desirable area in need of a little work, spend your time their fixing up and then reap higher rewards for your investment. Condos make much more sense in areas like LA where single family homes will cost twice as much as a SFR. The gap is way too close between condos and SFR homes in the Riverside - San Bernardino areas. Good luck to you.