To say Oregon coastal housing inventory is limited would be an accurate assessment. 

There's a HOA you mentioned - so there will be HOA fees and every 5-10 years there will be a "special assessment" (this is equivalent to capital expenditures on a LTR type house). 

Hi everyone,
Long time lurker here. I'm interested in getting started with turnkey and/or brrrr for long term hold. I have 125k cash and own some land outright worth ~100k. However, my challenge is a lot of student l...

NV and AZ have low property tax rates compared to my 2.72% and 2.78% Indy property tax rates, which also saw a 17% increase the last assessment.

Since you got an appraisal done about a year ago you can add about 10% to that value they provided to get an idea of where fair market value stands today as a ballpark.No appraiser I know is going to look at the HOA financials and factor that in, because they are only concerned with the asset for appraisal although we all know the health of the HOA and financials still play a factor in the sale of a condo.I'm dealing with a similar HOA right now for one of my listings where the reserve is at only 7% funded for what's needed for the budget and there is an upcoming special assessment for each unit. 

He confirmed my assumption that the estimates on Zillow, etc. are pretty much junk, that they will regularly be at a minimum 5% off, sometimes much more, and that what he has seen in the past is that new investors have based their numbers (purchase price, rehab budget, etc.) on these inaccurate numbers and what started off looking like a great deal, turned out to be a bad deal for them after the actual comps,  inspection, and assessments. 

Here's my assessment based on what you described. 

What I would do when beginning my journey is assess my current situation and goals.Are you open to owner-occupying your first investment?

Meet them in person and ask as many questions as possible to assess if you will have issues with them5.

Another simple idea is to just have an expert assess the condition of a few of the best properties you find with the original strategy.