Condo Deal Analysis; HOA question

[Brian Spear]

Howdy Folks,

I'm looking to make my first investment, and would appreciate your insight.

This 2 bd/1ba REO condo built in 1991 is in good condition.

The unit is nearly rent ready, and is situated in a "A" to "B" class neighborhood

I'd simply need to supply a washer/dryer and refrigerator.

Facts:

Purchase Price: $65,000

5% down with no PMI through HomePath.

With a credit score 750+ I would qualify for a $61,750 mortgage amortized over 30 years @5%.

Rent: $1150/month

HOA: $100/month

Taxes: $3353 annually

Insurance: ~$80/month

Please let me know if you need any additional info (first time posting and most likely overlooked something).

The unit passes the 50% Rule but does not match the frequently discussed 2% Rule. The area attracts good tenants, and as such I believe the condo may be a nice introduction to Real Estate Investing.

Additionally, I'm a bit worried that the HOA may be underfunded since there were 3 foreclosures in this complex in the past year (16 unit complex).

From whom can I gather HOA info, and what questions should I be asking?