If, on the other hand, you like neat yards, well maintained homes and a "cookie cutter" look then the money spent on HOA dues might be worth it.  

Based on the information you provided, the gross income from the property should be around $36,000 per year, and the property's taxes and insurance will cost a total of $11,400 per year.One thing to consider when evaluating the potential profitability of a property like this is the expenses associated with managing and maintaining the property.

If you want to be in the rental income business you need to be extremely careful analyzing your expenses.As @James Syed stated your expense ratio for MultiFamily properties will be between 40 - 60% on average on a well maintained property.  

The terms of the lease said i maintained the property.

These organizations often maintain lists of reputable contractors and vendors who are familiar with the local market and have experience working on a fix and flip properties.

If yours are above market you may have to adjust them down in the near future to maintain occupancy.  

Had lots of interest, filtered extensively to obtain a quality tenant that would maintain the property. 

I have seen folks post Regions Bank on the forums as another, but don't have any personal experience working with them.Also, to confirm what Lynn stated, I have a HELOC that I recently opened and it does contain a clause that they can call the note in, in full, if you do not maintain it as your primary residence.

Collect rent/Repair/ Maintain 9.

Can the property support higher costs and still maintain a good healthy margin for you?