Depends on the HOA. So far, we've avoided townhomes and the like where the HOA can assess you for exterior repairs, etc. But assuming SFHs, the HOA can be good or bad. For example, we own two SFHs on the same street in South Carolina. The streets are city streets, so the city will be responsible for road repairs and lighting repairs. There is city water and sewer. No playground or pool or clubhouse, so the HOA dues are pretty low. Say $220 per hour per year. There is some common area to be mowed and a sign. The HOA board is typically reasonable, but they do make people keep up their lawns, wash their houses, etc. So in my case, the HOA works in my favor (property value). Because we own two houses, we get two votes. In summary, I'd avoid HOA where there is a lot of common property (exteriors, pools, roads, lighting, etc.). Otherwise, I wouldn't worry too much if the fees are low. Last note: my leases make reference to the covenants, binding tenants to them. And I give tenants a copy. If the HOA sends a letter about a violation, I can hold the tenant to it. For example, I got a letter a couple of years ago about a basketball goal in the driveway (they have to be put away every day). I was able to tell the tenant to start following that rule.
