@Hanna Borowski I'm with @Josh Collins you big risk here is the HOA's financial health. 

Most importantly, does any of these submarkets have any economic anchors  like state government, major universities, major health care centers, or manufacturers that are independent of the economy like military suppliers that employs most of the residents of that submarket?

Let me know if you’d like more information as I can’t promote he details in this forum.

In the past, tenants have cited children and elderly parents as reasons for begging off citing fears of health related issues.

I'm only nearly 5 mos in on my venture but we need to carry the following for our residential care (assisted living)  licensed for 41 beds - but we can hold 36 beds in our current configurationGeneral Liability (We buy through an independent broker - basically covers medical malpractice, any slip/falls etc)Workers CompAnd even though you arent interested - Non owned auto insurance in case staff use their own vehicles to run an errand etc, building insurance for wind/hail etc inc general property liabilityAll of this runs around $33k to 36k a year for us - thats before health insurance for us etc - Work Comp is the most expensive part of that mix.Your best bet is likely not to find the coverage by calling yourself - you'll just waste your time - find a broker that can sell you this insurance - as far as limits - some of the limits are state mandated and will be in the regulations. 

It works for promoting your business in multiple ways.

I'm curious about your thoughts/recommendations here...I have a 2 bedroom unit with two tenants with declining health. 

Other than that we've had one divorce, one lost job, and one health issue.

Mold can be a health hazard.

Get good marketing and promotion of the home for qualified buyer interest and move it off your books.