Late to the party did you look at HOA fee and what about repair reserves, I would push to get this deal for $165k.

The monthly HOAs could soften cash flow and projected influx of high-rise condo development to the Austin area could dampen appreciation growth and rental demand.  

I rent condos, so they all have an HOA that covers a significant portion of ownership costs including capex (e.g. roof replacement, exterior paint, etc).

We have filed a claim with the insurance as the HOA has advised us.

Is the fence required by some code or HOA?

The condo costs me 1100 for mortgage, HOA, taxes, and insurance.

Actually on one of my Dallas condos the manager was embezzling and the other the HOA hired a general contractor who was hired to oversee the work of others but he preyed on the HOA pres older single female she gave him power to do a huge roof and HVAC and he was able to oversee his own work so he put a mechanic lien on all the units basically caused this hug lawsuit etc Sorry off topic and probably why others will say SFR but I also know the larger the property the more people the more chance for issues.Funny I say all this as I'm trying to post my own question about renting or selling my own condo and being long distance.On a current tenant or all tenants there is no real way to check on them being good as there are a lot of mom and pop and they don't want the hassle of reporting a bad tenant and the bad ones just shrug it off IMO the credit score is the top indicator.

I have no mortgage on this place and the carrying costs are roughly $1,000/month with HOA, taxes, utils, maintenance, etc.

generated income they say is over 50K, which i average that at about 4400/mo (sure it could be more but dont' know right now). anyway, without getting too detailed, by the time you add the whopping $550/mo HOA and 10% PM along with the other opex's that is no where near cash flow +. 

Depending on your finish and city, I would budget in $7000~$12000 per bathroom addition with 2 weeks turn around time (no HOA here).