HOA allows one lease per year- how to math out the risk

[Colleen Kelly]

Looking at a condo where the HOA only allows one lease per year. Meaning if my tenant doesn't pay, leaves, breaks the lease, etc. I cannot rent it out until the one year anniversary is up. I generally figure a 10% vacancy rate. I have no idea how to figure out a safe vacancy rate to see if the math works on this property or not. Using a 10% vacancy rate, property manager costs and typical operating costs I am at at 10% CAP rate. Any thoughts? Any advice? Or would you just run the other direction. Our buying market is hot, I've been looking for six months, I've made mutliple offers but keep getting out bid, so I'm still considering this condo.