Adjust for, carrying costs & capital expenditures required for build out & any repairs to bring it to the required quality to receive the estimated rent per sqft.

For the initial investment, I can afford up to $150k for purchase and rehab (with a cash reserve in place for unexpected expenditures).

Let's say your total expenses including taxes, insurance, maintenance, vacancy, management, and amortized capital expenditures (those things that are expensive, rare events, like a new roof or furnace) add up to $700/mo.  

.- I'd probably set aside ~10% of your gross rent for maintenance/repairs (you'll want a reserve built up for those big capital expenditures that pop up)- look up property taxes for your area- get some insurance quotes to get a more accurate insurance estimate- property management typically 1 month's rent (8.33%)- Determine if you'll be paying for any utilities

If the delinquent dues were very minimal then the HOA could raise the monthly fee and start to build up savings for the capital expenditures in the near future (and the utility loan) but how do you get people to pay their dues?

I specialize in condominiums in my area and at this point I've looked over so many disclosures and financials, I can tell pretty quickly based on the number of units and cost of cap expenditures about how likely they are to have an assessment in the near future and for what (roof, elevators, etc.) even if it's not on the agenda.

If unpaid, then just cause would be established.. 2) Even if you're not owner-occupying it, you can use banked rents (3x this year's CPI), or up to 10% annual increases by passing through capital expenditure costs, subject to 30% cap in 5 years. 3) Buyouts@Leo B., there are buyouts that have gone well into the 6 figures in SF.

Can you afford to have the this expenditure and wait for payoff for an extended period of time, in case the house doesn't sell?  

Price $140k for triplexdownpayment: $10kloan amount $130kTaxes $420/monthPITI 1097gross Monthly income $2,000less vacancy (200)less maintenance (100)less cap expenditure ( 100)less property manager (200)Less other costs (MI, lawncare etc. (200)net income 1,200So these are not all the numbers but after crunching them even in this 5 minute analysis, it does not look worth it to me.  

I suggest keep crunching the numbers, but be extremely mindful that taxes come into play, capex, and other sudden expenditures might spring on you.