I don't think I'm going on a limb by saying that $145/mo is barely enough for maintenance let alone major capex for many HOAs.  

My experience is that these caps are very high and it is routine that actual rents are much lower than the caps.

Not even $50k....though it should be.The Common Expenses Maintenance Fund section the bylaws it says that every year by a certain date we should distribute an itemized accounting of prior year maintenance spending and the same for the reserves.

This puts pressure to defer maintenance and leads to special assessments.Whatever you decide, you need to find a realtor that specializes in investment properties, is well connected, and knows the areas you're interested in inside and out. 

It seems like a sweet deal to purchase a house with a Rent to Own tenant as they pay for utilities, repair and maintenance - and I wouldn't need a property manager since I am out of state.

Often when we speak of NNN we define it by either limiting items not covered, or including items like structural repairs, HVAC maintenance, roof repair, and general maintenance, etc.

The property has stabilized and is cash flowing at $325/mo after accounting for all recurring holding costs and maintenance expenses.  

Can you take a look at deferred maintenance on the property that you could also negotiate the seller down to the $400K - 450K Range?  

Thanks lance I forgot about management maintenance and Cap X.

People seem to love the Quartz look and the fact there is zero maintenance.