Agree that no insurance will cover future increases in cost of monthly or yearly HOA assessments (dues).  

Initially we thought we would flip, but now we're thinking of holding and using the equity for future investments.

@Sendil Thangavelu you really need to hire a professional property manager or real estate attorney to help direct you in the right direction from now and the future

I would honestly check the Master Plan held with the city or county that should give you an idea of what the future use could be. also check to see if they got mineral rights as well there may be something in the area that you are unaware of.

On the other hand, saving that $4,400 could go toward a refinance later if rates drop significantly in the future.

Treat it as a business, this is not your money, it is your future... treat it as such. 

This is a new underwriting guideline of the insurance companies because they haven’t been profitable and must raise the rates and lower the risk factors in order to comply with state regulations on adequate reserves and future solvency.  

Does the City have Future Land Use Maps showing a higher density?

HOA fees and redtape also added to frustration and will be avoided int he future.

I work as a nurse, so I do normally have four days off per week that are free to explore real estate further but starting next month I will be working nights for the foreseeable future.