Yes the HOA will add to your expenses, but you also don't need to pay for fire insurance, outside maintenance, long-term capital improvements such as new roof, water, trash, and whatever is in the community such as a pool or gym.

HOA covers maint on common areas but would be responsible for grass cutting, water, sewage etc hence the "other expenses" number on the spreadsheet.

I am fearful that the HOA fees will limit my cash flow.

We both own in the complexes so we have established relationships with the HOAs.

About 2:30PM on the day my finance contingency expired (about 7 days after they cleared me to close), the underwriter/LO emailed saying they can't close because they didn't review the condo docs and there was a (frivolous) lawsuit against the HOA and that they can't close on the loan. 

Some investors don't like them because of the HOA fees and the changing rules, while other investors like them because they are a little more passive. 

Most condo(Some townhouse as well) 's HOA fee and restriction will limit your ability to rent it out with profit. 

I'm in similar boat and trying to decide if it makes sense to invest in Galveston despite high taxes , insurance, HOA, Hotel Tax 9% costs.

Long story short, it's a Condo that has had recent HOA increases over the years and is now cashflow negative. 

We have an existing business in the countertop fabrication business and need more space to get the automated equipment we need (water jet and line polisher).existing facilities are not what we need (10k sqft warehouse, 1500 sqft + show room (separate or together).we want to buy as we own our current two warehouses (2 units 4k space each).strong reinforced foundation (ideally gently sloping to remove water), 20 ft+ ceilings, 2+ loading bays, low HOA (or water and heavy granite/quartz trash removal included).because this is so large and specific and e-commerce has jacked up warehouse prices we are strongly considering building.