100% agree with the prior posters to run away if those HOA and taxes are the annual figures.

I'd think you're starting off on the wrong foot thinking along these lines unless there is a agreement and significant assets in play that others may be entitled to, such as children prior to the marriage.

I strongly advise you to gather all the information and address prior to closing to make sure this issues will not cost you considerable time and money

Thanks @Rick Baggenstoss definitely want to get the property from the owner prior to the auction!

BillAs a prior commercial real estate lender for many years.

And you're absolutely right, those major capex can really eat up all that prior cash flow.  

Obviously, your screening criteria might be tricky, but you can measure income, longevity with prior rentals, longevity at jobs, eviction counts, felony counts, etc and arrive at a score using a formula. 

This is your record of the property prior to someone moving in. 

You might try really high grade caulk and adhesive in one, like for putting up shower surrounds.

Sounds like you have $109K in this place, plus your purchase costs and whatever you spend on fixup prior to the sale.