Vacancy is 3.9% according to a housing study published by the city in July of 2015, and I would expect that to remain around the same for the coming years.

You should be able to request things about the reserve study - such as whether the HOA has ever had a study done, how recent, what items were included, is inflation accounted for, whether inflation adjustments have been compared to today's actual costs (imagine cost of materials jumping due to shortage from high demand), etc.

Your best bet is to contact an MAI appraiser in your area and ask for a feasibility study as to the highest and best use.It's not always up to you from a market aspect, unless you build it. 

So, take your time, ask a lot of questions, and keep studying. 

And I kinda studied them a bit, and here is what I deduced.1.

So, long story short, because I had saved up to invest and started studying the market already, when it crashed I had was sitting on a pile of cash and educated in the local market.

I have a trade’s background and studied Construction Management for three years.

I've done a lot of reading and studying and guess I don't want to mess this up being my first deal.

Learn and study all the rental laws and be prepared for the next time....but next time you won't wait months.

Upon which point you will be able to get a Rent Comp Study from a HUD approved appraiser determining the rent going forward.