However, if the rents are what the OP says they are (1300-1400), if the loan balance is really $85K, and terms of the loan are decent, and there is no HOA, then the property would meet my criteria for a buy and hold.

A couple of items worth noting - since these pics were taken, seller actually painted the whole interior, replaced ALL flooring, cut down a couple of trees the HOA had been hounding him about, and fixed a couple of other small-ticket items.

Under $225K will be a condo for sure, and the HOA due will kill the cashflow for most cases.In southern California, it is very difficult to find cashflow property with $500 per month, please let me know if there is any areas with that.

You will need six months PITIA (A= anything else, such as HOA) in cash reserves.The condo itself will need to meet the lender's criteria.

Was an HOA agreement put in place, where the deeds properly restricted and split?

Some things to think about: Be prepared for special assessments; this is where deferred maintenance that the HOA has put off gets charged in a one-time fee to each of the property owners.

Just watch out for the HOA's...ours changed the rental conditions/terms etc significantly by a mtg of the owner occupied voters.

They have not been on the market for very long.Do you think this is a good investment with a purchase price of 70k and monthly HOA fees of 300-400 per month?

Our HOA board does not provide any narrative to the financials, the minutes only state that the treasure gave a report.

how would you handle a lease option tenant that is not following HOA guidelines, do they get a notice to comply within a certain time or face eviction what?