You must determine if there are any special financial assessments scheduled or likely or if the association is being sued or likely to be sued. 

@Kevin Izquierdo, a good agent will show you comps and help you find a good deal based on your criteria.I believe when an appraiser uses comps in their appraisal report (done for financing), they will only use similar properties sold in the last 6 months, within 0.5 mile radius of the subject property.These are generally good guidelines when looking at comps yourself, but depending on your specific location, you will need to really get a feel for good/bad streets, neighborhoods, etc.For example a 3 bed, 2 bath house on 1/4 acre lot in a great neighborhood could comp at more than twice the value as the same property in the hood.

State Property Assessment 189,400Arv 200,000purchase price 59kclosing 3.5total rehab  100krehab and acquisition 162.5k4 unit property, 6bd 4bth 3,232 sqftmonthly income  $2,900   annual $34,800monthly expenses $2,060 annual $24,720NOI $21,258cap rate 11.88%taxes 4,470Total operating expenses:Mortgage expenses:Vacancy:$174.00Repairs:$116.00CapEx:$29.00Electricity:$75.00Water:$50.00Insurance:$80.00Management:$232.00P&I:$932.08Property Taxes: 372.5

If you are not sure how to assess risk/reward I would suggest first doing some research around this subject.

I have done research through our local county assessment and real estate sites. 

I have a good head for business and can assess a situation, etc. very quickly.Will gladly share any/all experiences to help others.

It can also cause a properties value to lessen due to the high fees or they may simply assess your property for a missed HOA budget item.I own a Condo here in Central Florida that I purchased in 2005 and the HOA fees were $187 per month.

Or would this be a fair assessment to use to focus my demographic (i.e. retirees) when looking for owner-financed deals?

If a full payment is not received by the 5th there is an extra $5 per day late fee that will be assessed until the full amount is received.I manipulate the contract to achieve what I need it to.

Today I pulled the assessors records and they have assessed it as a 2 bedroom 2 bath, which it is.