If you're buying a 1 br condo, I think you'd want to get much more specific information from your agent handling the transaction. It's impossible to determine cash flow potential based solely on vacancy rate for a general area of 600 square miles. All real estate, buying or investing, is local. Often very local.
You want to know rental pricing and availability within the condo itself, and additional competition in that general area. With a 1 br, you can also be competing against apartment complexes. Are you buying into an area that is saturated, or one with demand? What is the unit condition, amenities of it vs. competition, and at what price can you lease to generate cash flow, and will that be competitive in that area.
You'll also want to know how you can market and manage your property, even if competition is high. For example, one of my clients has 4 units in a condo neighborhood where there are at last count 14 similar units listed and several independent owners trying to lease theirs on their own. I'm delivering keys to my client's last available unit later today in spite of local competition.
There are many investment opportunities, but the difference in any success or failure is often in the depth of research and the effort put into it.