One attractive thing about selling is that this community is due for a major special assessment in the next 3-5 years and the HOA fees are already high and increasing 15-20% per year. 

I have been prequalified for an FHA loan up to 200k with no HOA.

Cost of Property: $100,000.00 MSL Number: 43049 Days of Market: 192 back on market Income Cash Flow Rental $1,200.00 Income $1,200.00 Other $0.00 Expense $827.37 Total $1,200.00 Total Monthly Cash Flow $372.63 Annual Cash Flow $4,471.56 Expenses Mortgage $316.20 Cash On Cash Return On Investment (ROI) Insurance $29.17 Purchase Expenses $100,000.00 Taxes $202.00 Down payments (25%) $25,000.00 Utilities $0.00 Difference $75,000.00 HOA fees $0.00 Closing Cost (5% of mortage amount) $3,750.00 Lawn Care $0.00 Rehab/Misc(Cleaning Etc

It's in a nice HOA on the northeast side of town.

At your price point, Watch out for HOA dues!

He is the president of the HOA and for the most part ran it like he wanted to.Recently they've been having water problems and the property is master-metered.  

Appartments have the benefit that their structural maintenance is the responsibility of the VvE (HOA for the English speaking people here).

The HOA was severely mismanaged by a self-managed HOA board that didn't really read the by-laws carefully and depleted funds over a pet-related lawsuit with an owner who is now short-selling.

Make sure to read into HOA rules if it applies, be there for home inspections, make sure to actually like the home and payments are within our means.

I'm also worried HOA special assessments although the unit is brand new. please help me If I should proceed with this deal. thanks