When I spoke to the president of the HOA, he told me that a 30% or better funded reserve was considered good but I don't have any basis of comparison and wanted to know if anyone had a good rule of thumb for how well funded an HOA of a 20 year building should be.

The best I can do is  $100 per square foot on roughly 4000 ft.²  1100  rents  on  400 K  cost  land between 50 and 100,000  with the potential to build 4.  

Definitely would not rule it out!  

As long as it's not my deal or one I'm more than 50% owner then that should be okay, right?

It appears we can easily get the 1% rule out of SFR rentals (I haven't seen any duplexes in that county) in that area.3.)

It's a not an exact science but a great rule of thumb to quickly determine feasiblity of a rental. 

Greetings! My name is Tim Greenfield and I hail from Sierra Vista Arizona but originally from Maryland. Currently work for the government and travel a lot for work. Lived in Korea for 3 years and loved it. Rotarian fo...

Greetings! My name is Tim Greenfield and I hail from Sierra Vista Arizona but originally from Maryland. Currently work for the government and travel a lot for work. Lived in Korea for 3 years and loved it. Rotarian fo...

Since your dad is a contractor, your saving 50%.

I don't think I would do it if I eventually had 50 units.