But if you are going to buy one, make sure it is new construction or recently completed its 40 year inspection.

If Borrower fails to pay these sums prior to, or upon, the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower and will be entitled to collect all expenses incurred in pursuing such remedies, including, but not limited to: (a) reasonable attorneys’ fees and costs; (b) property inspection and valuation fees; and (c) other fees incurred to protect Lender’s Interest in the Property and/or rights under this Security Instrument

During the Inspection, it revealed some issues with Plumbing, mold, Mildew, Termite.

Example: November 2023 sold for 500kListed under foreclosure for 260k now.Photos don't show any updates or signs of any rehab being started.My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.What other assumptions or conclusions would you draw from seeing listing like this one?

Drove 8 hours to inspect before closing, all looked good.

We have called an exterminator to come out and do an inspection. 

Having a team in place that understands the laws, inspections, etc. was crucial for me.

And calculators are only as accurate as your inputs...Did you inspect these places?

Have quarterly pest inspections. 

Insurance and the structural inspection and associated repairs resulting from the fallen seaside condos has resulted in huge HOA cost increases.