Sounds like you skipped cap-x and just took a hit of "hopeium" instead. ya, that stuff will rot your brain and drain the wallet fast. 

People typically invest in what makes money! 

This is directed at people in the Memphis, TN, area.  

Unlike some people, I believe HOA is good costodian often finances, get volume discounts, do the effort of hiring contractors and maintain common space so in that regard I consider them a value. 

Some people cook, some do alot of take out but in general they aren't around much. 

Roofs, flashing, gutters, downspouts, grading all are important things with shedding water off of and away from a house but people often don't think about these things until they have a problem that has caused damage and then its expensive!

The rent wouldn't necessarily change due to amount of people living there. 

Many people grow through the use of using as much leverage as possible.  

It also has net positive population growth and mostly from younger people. 

Yes, it's surrounded by commercial, our appreciation & resale value will take a calculated hit...but, that's ok, the goal was cash flow!