You can dive into the specifics of that here if you'd like to see why they jumped so high YoY.What I'm saying is, HOAs are a lower entry point of course, can be lucrative if you analyze the deals as traditional long term rentals....BUT, you ultimately have little to no control over specials assessments, HOA fee increases, and even rule and regulation changes that can impact your investment.

High DTI makes it difficult to refinance.

Need to identify apartments in high demand locations where on a per bedroom basis its below market pricing.

I would highly recommend getting proper advice from a CPA. 

I highly recommend doing as much research as you can. 

I am concern with the high interest rates but even with those I managed to cash flow which is what I am looking for. 

Rents are high compared to property values so you can get good rent flow. 

My opinion for those that live in a high cost of living market is to continue living / renting in that market and invest in a different market that is affordable and provides both cash-flow and appreciation potential.The reason to stay in the HCOL market is because you will be paid(hopefully) a nice large salary.You can take this salary to then 'easily' invest in other markets.NYC is tenant friendly which can be a con for investors.Furthermore, NYC has appreciated historically.

Although the temp is supposed to be 103 to 105 for the highs.  

If you want to get an idea of all that is happening in our market I would highly recommend subscribing to the Triangle Business Journal.