The condo would be worth the expected future cash flows divided by the required rate of return you would expect to receive from investments of a similar risk profile.
In your case it looks like annual cash flows of $9700 for 20 years. If your required rate of return was 8% for instance the price of the property would be.
($9700/1.08)+($9700/1.08^2)+($9700/1.08^4)...+...($9700/1.08^20) ~ $95,236
You can read about the discounted cash flow model
here.