Seattle Eastside and HOA

[Rhonda C.]

I imagine this will generate a lot of discussion. I am looking at my first investment. The Eastside of Seattle is very expensive, but I have found a home built in 2007 for 200K (totally unheard of). I would like this to be a rental. Reasons why I am interested in this property:
1. it is a turn-key property 15 minutes from my house
2. it is in a very desirable area and inventory is low
3. the HOA covers ALL outside maintenance and the roof, siding (as this house is considered a detached condo).
4. comps rent out for $1500-1700/mo. tenant pays all utilities.
5. It has 2 bedrooms/1 bath

I ran the numbers through the calculator and the numbers work out to be 16% Total ROI, total cash flow $5343/yr, considering 8% vacancy and the (choke) $225/mo HOA. I would like the input from investors who have experience with this type of situation.