Does it suffer from functional/external obsolescence?

No roof, no external repairs. 

Yes, there are HOA fees but you don't have to worry about any external maintenance. 

It could be homes that you hand pick based on criteria that you establish (sq ft, bedroom count, etc) that aren't necessarily even in the same area.The process is VERY similar to ACTUAL farming, which is why the terminology is used. 

Additional things to check for are insulation is newer to help reduce the head load from the attic, additionally, depending on the age of the house, external insulation breaks down.

We plan to move back and buy property in Portland this winter, rehab and house-hack during the required FHA owner-occupant year, and possibly build a separate ADU in the basement (or external?)

Need some advice....I bought an apartment building in Ontario a while back, which had a large external garage. 

@Annetta Barnes Analyze the property by including all the external fees you will incur by doing OOS investing and paying others to support this place. 

On the other hand is it an overkill to spend $8000-$12000 on something that making external improvements could curb?

They're looking for a unicorn and potentially missing many other deals that would work for their needs, but because they're imposing some external criteria it must meet beforehand they don't even see them or skip right over them.Make sense?