@Jaysen Medhurst @Greg ScottHere is the breakdown of how I came up with my numbers; since I don't have a pro account I can't download the pdf:PURCHASE-Purchase Price: $649k-Purchase Closing Coost: $14,772LOAN DETAILS-Interest Rate: 3.2%-Points Charged: 1-Loan Term 30 yearsRENTAL INCOME-Gross Monthly Income: $5960EXPENSES-Property taxes: $272-Insurance: $500-Repairs & Mantainance: 10% ($596/Month)-Vacancy: 8% ($476/Month)-Capital Expenditues: 8% ($476/Month)-Electricity: $150-Gas: $75-Water & Sewer: $200-HOA Fees: $0-Garbage: $25-Other: $200I did as much research as possible for the numbers and the rental estimate is what I got on Zillow and is pretty spot on with similar properties in the area.

I'm part of an HOA board and we have to uphold the rules set by the County in regards to recycling.

Usually, after a day or two of cleanup, I can get the unit into rentable shape for less than $500, and rent it for say $1000 a month (which is usually WAY below market, but enough to cover any ongoing costs such as taxes, HOAs, maintenance, etc.).

After it meets at least the 1% you need to break down the other factors (taxes, insurance, utilities, management, HOA, etc to see if it cashflows). 

Beside the checking with HOA I would also mention that STR has higher expenses. utilities, supplies, cleaning fees etc. make sure you add all the expenses when you do calculate your number.

The only thing you need to worry about your setbacks on the specific lot that your purchase as well as any covenants if there is an HOA.

Add to that PMI, HOA, property taxes, maintenance, etc...

With HOA, principal, insurance, everything factored in the total monthly is $1342. 

And with my HOA fees ($200/month) and given the average rent in my zip code, renting it out is not an option because I will only be breaking even.Is it worth refinancing if there's a chance I'm selling next year? 

Laguna Woods is a 55+ community that's pretty luxurious (plenty of amenities and a relatively high HOA).