$489,000 purchase price$10,000 face lift$1698 mortgage (25% down and a 3.75% rate at 30 years)$307 taxes$175 insurance$175 HOA$118 vacancy$29 maintenance$59 CapEx$2561 total expenses$2950 rentDoes this seem out of line, or reasonable?

Putting the final pieces together for our first rental property out of state ( looking at townhomes with reasonable HOA's and a growing population)For the experienced Investors out there, what is your suggestion on the best loan rates -I depwndent/ regional mortgage lender, go with a Major National bank or go with a local (where the property is located) community bank?

But I will never own another condo given the rules that typically accompany ownership and potential HOA hassles.

) NOTE: I try to search for offices - colleges nearby - subway.2) I measure 50% of the average rent for Expenses (small repairs, big repairs, cap-ex, property taxes, HOA (if applicable); property management; vacancy ... you suggest others?)

That adds a lot of risk.Buying a condo adds more risk because you are at the mercy of the HOA for your expenses. 

What's the HOA fee?

We have not had any serious complaints - only two letters from the HOA: one regarding garbage receptacles that were placed in areas visible from the street (which was immediately remedied), and the other regarding the lawn needing to be mowed and trimmed (also promptly remedied).

It is a townhome so the HOA does eat a little into my profit margin but I'm still making roughly $300 after all is paid at the beginning of each month.

Double check that you have your strata/hoa fees calculated in your numbers.

For investors looking to purchase a rental, there are only two general options: purchase an older resale home in a C class neighborhood with lower-rated public schools, or purchase new construction in a master-planned HOA neighborhood.