I have caution with condo's, as the maintenance needs to be factored in and you are at the mercy of assessments and rising maintenance fees, which can significantly eat away at any cash flow you may have.

Starting November 4, 1992, districts must have voter approval in advance for:(a) Unless (1) or (6) applies, any new tax, tax rate increase, mill levy above that for the prior year, valuation for assessment ratio increase for a property class, or extension of an expiring tax, or a tax policy change directly causing a net tax revenue gain to any district.’This is obviously a new tax which has been levied without voter approval.

Also look at adding fees for "Condition of Propert Assessment" section of your lease.  

Association is in good shape (no debt, special assessment ending next year).

"The $13,168.84 figure is calculated as follows: $18,000 assessed value x 3.23 date of death CLR = $58,140 property value x 15% collateral tax rate as the property went to the unrelated LLC. = $8,721.00 tax liability.

After expenses, which included a special HOA assessment and a month's rent to my agent, 24 payments of $1595 ($38k) left ~$12k in rental profit.

Regarding RUBS, I am working with my property manager to assess using it through Appfolio.  

Since it is a no cash down deal, I don't require the same return as I would on a 20% down deal (w/ ELOC IO pmt).Some will argue against ELOCs and interest only for rate/long-term reasons and it really depends on your market/risk assessment.

Based on the info you provided it’s hard to make any assessment on that critical element.

You can get that info off the assessment records and the GIS maps.