. -- for me, more important than anything, was a motivation factor. I

One important factor is the condo eligible for fha/conventional financing. 

The biggest factor is not directly related to the HOA but other market factors.  

This area has many oil and gas factories, plastic factories, steel factories, etc.

@Jay Hinrichs I just really dont want to spend my whole life working in a factory

There is zero impact on how much cash flow your equity is buying.The bottom line, and most important factor, is not how much cash flow your equity buys but how much cash flow the property itself generates without equity.

I actually lol every single time I read this under experienceRegardless, the IRR is dependent on many factors including: purchase price, exit price (this factor is the biggest contributor to IRR), rent growth strength, ability to re-position, debt terms - LTV, rate, term, IO years, amortization yearsArticles you might find useful:The Inside Track to Vetting A Multifamily Deal SponsorDeal Screening Checklist for Passive Multifamily InvestorsFocus on developing relationships with the right syndicators (full disclosure: I am one) with the right background/experience working with the right teams. 

Just like a factory. 

Many did mill and factory work- jewelry and textile so you see the multifamily in places like Central Falls, Pawtucket, parts of Providence, Cranston, West Warwick, etc.

Do you know location factor is always deeply imbedded in price.