When I look at houses I look for the following:- Low HOA fees.

We live in a neighborhood with an HOA.

HOA can run anywhere between $150 - $400 depending on amenities.

(In mortgage calculations I also took out HOA, Utilities, A month of not having a tenant, and $500 for repair safety).

The way I am thinking about the investment is as follows:Total cost of ownership ~ $1850/month (mortgage+interest+HOA+property tax+1 month unoccupancy + 70% property mgmt fees)Expected rent: $1800/month.

But again you can find homes with no CDD and no HOA fees you just have to stay disciplined in your search.

.$45,000 initial cost  IncomeRent        $1565 per monthExpenses (per month)HOA         $24Insurance $66Taxes       $143.30  Mortgage  $670Management (9%): $140.85Might self manage for start but later onVacancy + CapEx:   $150.00The house requires no repairs initially and things like the roof, a/c, etc are newTotal Monthly Expenses comes to $1194.15$1565 - 1194.15 = $370.85 cash flow per month$4,450.20/$45,000 = 9.89% CoCI'm not the best at math, but please share your input.

So far I knowI want to invest in multifamily rental properties in North Carolina.I work for Doordash, so I'm a 1099 Independent Contractor.My credit is good, but not great.I currently own a condo in Michigan that has an HOA, That I've owned for 2.5 years now.I have some debt, but am paying it down quickly.

Is it (along with the HOA fees) way overpriced?

With mtg foreclosures, assuming it’s a first mtg, you generally get good, i durable title....current/past property taxes become yours along with any hoa debts.With the tax deed auctions, you have do a Quiet Title action afterwards to get good title, or wait 4 years.