Thinking of buying a condo apartment.. first time home buyer.. opinions on this...

[dimitry n]

...as a business investment??? Hey everyone,
I am 19 years old, and I currently live in Watertown, MA. I have been working full time for about 4 years now and have saved up a pretty good chunk of cash, around 13-15 thousand. I am really interested into buying my first property, as i'm paying 700/month now. Around my area (boston and the western burbs a few cities away) the lower end condos range from 150,000 to 300,000.
But I have found offers in a nearby town, Framingham, which is about 10 miles out of the city. It is a 2 bdrm (881 sq ft) in an apt building. It is listed as a bank forclosure (good or bad for me?) at the price of 83,900. punched the # in a mortgage calculator and said i would be paying less than 500 a month (not counting condo fees, no big deal).
Description on the city: its local to many highways and local roads, has been expanding and adding restaurants and shops to the giant mall.
Seems like the condo would be a good investment? Anything that I'm not taking into consideration? advice???