$380 Monthly Regime Fee - Is a Deal Even Possible??

[Melissa Searing]

I can't imagine that it would be a wise investment for me to purchase a condo with a $380 regime fee.  This community takes in a total of $1,0042,000 in total regime fees annually. http://www.montclairpoa.com/pdf/budget_2015.pdf. You'd think it was the Ritz... but it's not. There are two (average) pools, a tennis court and 2 workout facilities. http://www.montclairpoa.com/pdf/regime_fee_explana...

The reason I am even looking at this property is because it's a short sale and because maybe other busy investors would shy away from it because of its issues. The ARV is probably around $165,000 and the "unapproved" short sale list price is $120k. It probably needs $15k+ in repairs and the listing says there are 2 liens and $13,000 owed in assessment costs. Yikes!

I could probably get $1400/month rent. The rental market is great here and this unit is 3 miles from the beach. I think, if it wasn't too risky for me to purchase it, it could make a great vacation/rental property, simply due to it's location. It is also across the street from a fairly new outdoor town center with tons of retail shops and restaurants. 

Mount Pleasant, SC is close to beautiful beaches and is a "hot" market right now with expected growth. I have heard that investors aren't really able to find "cash flow properties" in Mount Pleasant... they are banking on the appreciation.

What do you guys think? Would you look further into this property?