Worst Scenario - Overpaid

[Leenie Fo]

I have a scenario where I have found a manufactured home on a permanent foundation in an area where you own the land & have a very small HOA to pay for water, pool, parks, rec room etc. It's great for my family as a primary residence. We don't own property now. The property we are considering had a complete renovation and is the highest in the complex currently. Our realtor commented that it may have hit its peak leaving little for appreciation. Is this true? What is our worst case scenario if he's correct? It's cheaper than most similarly sized condos and the neighborhood is great for many reasons for us. Please let me know if it would be a mistake to buy this home. Thanks!