I bought my condo in Somerville 10 years ago and it's doubled in value despite very little being done in the way of renovations. Go on Zillow or any of those websites and look at the price history of some of these condos, I think you'll find that it is a pretty solid investment. HOA and noise are kind of an annoyance but I'm willing to deal with it to live in a convenient and cool urban setting. I think buying a place in the suburbs or more rural is a riskier investment; demand for housing in dense urban neighborhoods will always be there.