Rookie, HCOL area, cash buyer, thoughts?

[Tommy Burch]

Hello and thank you. Rookie here. I am in Newton MA and not in a rush.

Looking to slowly (cash buyer) diversify into real estate. I live in MA and it is a high cost of living area (Newton).

I prefer the following: 1. buying near my home (I was a long distance landlord and had a bad experience) 2. I prefer to pay cash. I know I could take more risk with leverage and improve my returns but I am a small business owner and I have a lot invested in the stock market so I think I have enough risk. 

My questions:

1. For condos: what is the max HOA you will consider? How do you figure the HOA into your investigation

2. How do you personally value properties? For example. I am looking online now at a property that is for sale in my area. 

With the simple 1% rule if I paid 450k cash for this property it would need to rent for about 4500/month. Other than asking for similar properties in the area and for how much they are currently renting what else do you look for?

Here is the link:

https://www.redfin.com/MA/Ches...

3. I am in no rush. I know no one has a crystal ball, but as a cash buyer as interest rates rise do you expect the market to cool off a little? 

Thanks for the help.