It might not need a full replacement if it's still doing its job—keeping the rain out and protecting the structure.

It depends on the structure but I agree with you.

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

3- Job Market Growth is still strong in ATX 4- Population growth continues although not at the same pace as the pandemic. 5- Supply side problem - Builders overbuilding creating downward pressure on housing prices. 

So until supply loosens buyers will be forced to get creative and pay up.I don’t think it’s the overall crazy demand like you’ve seen in single families driving up prices- there is just literally almost zero double inventory.I did three doubles last year and still shocked I picked them up at decent prices in Lakewood.

Is the lot flat and straight forward, or will it need tiering and piering to keep the house structurally sound?

When supply and demand are disconnected then the market moves between top and bottom of cycles, but then equilibrium is reached.

Also buying new properties could allow you to create the proper legal structure if you haven't already.

Picking a house with major, costly structural issues or in a location with poor rental demand can hurt both the rental and refinance phases.

Rental income has gone down because of supply and covid money being sapped up.