Detached condos are not a bad deal. It’s much faster and cheaper for a developer to do a condo map on a smaller parcel than to go through the subdivision process. That’s why most detached condos are in the smaller size ranges; the subdivision lots tend to get built with larger houses to justify the increased costs and risks associated with subdivision mapping.

You are subject to CC&Rs and HOAs, there will be dues for those. Among other things, the “streets” are usually owned and maintained by the HOA and many of those HOAs prohibit parking on them. Depending on the CC&Rs there are often limitations of paint schemes, yard improvements and maintenance; structural improvements and additions.

As for “ownership” of the land, you do have that; it’s just not the same form of ownership. You (and everyone else i the project) own an undivided share of the interest in the entire project as well as the right to occupy a specific unit.

If you have no plans to enlarge your home or paint it purple there’s not that much of a downside. The small sizes of the pads and reduced side setbacks would probably be of more effect on the value.