Is this a property that you already own, or are thinking of purchasing?
I find that condos are difficult as far as investment properties are concerned. There are so many factors to contend with...if there are other available units for rent in the complex, often times there is price fixing. You can't get more rent out of yours than a property with similar amenities. If you have a mortgage on yours and the other owner for rent doesn't., then he probably can rent his for less than you can.
You must deal with the association and the association fees. What are the rules and restrictions for tenants? What about pets? What about age restrictions? If your tenant is having difficulty adhering to those rules, the association will be the first to contact you (often times on a regular basis).
How much is the association fee? And how much can it go up each year? What about special assessments? Sometimes those monthly fees kill your cash flow. As a landlord you have enough hands in your pocket, you don't need, yet, another one.
If upper level means higher priced, be careful. The higher the price your rent is, the less market available for tenants in those price ranges, thus longer market time. And, tenants in higher priced properties typically don't stay long-they usually buy. Higher priced units mean higher taxes and insurance. And condos typically take longer to sell than houses.
We have a glut of properties for rent in our area right now. Here in Brevard County, condos are typically taking longer to rent, especially high end units.
I prefer single family rental properties. None are close to each other. I don't own any in my own neighborhood. I can rent them for what the market will bear. I stay below a specific rent price ($1200 in our area), otherwise they stay empty longer than lower priced properties- less tenants to choose from. The tenants stay longer in the lower price ranges. They sell faster than condos.
And, yes, if you don't have positive cash flow on it, stay away from it!