Late fee assessed at 12:01 AM on the 6th (earliest allowed by CA law).

The HOA is run pretty well with large reserves so I’m hoping any major repairs would not cause a big assessment of any kind.Since it was purchased as a first home I put way too much equity into it to minimize my mortgage payment.

I’ve seen a very comprehensive SS study showing national trends but broken down by region.

From my mind, the biggest risk with HOA's are special assessments which would likely chew up all cash flow, if you were to get hit with one.

That's why you take a pro through the house so they can assess it.

@Amy Spransy you do not need to worry about the Junior Liens, I have purchased around 40 properties at sheriff sales over the years and I have never had an issue with Juniors, you are responsible for back taxes if any, and this years accruing taxes, Municipal charges like special assessments, back water bills, Noxious Weed Cuttings, or city snow removals. but other than that you should be good to go, Oh you are also responsible for Occupancy, like if the borrower or a tenant is living there, and there is some debate regarding value of personal property left behind, but thats up to you to decide. 

What percentage of the Assessed value are they funding? 

The fact that you felt the need to bring up your MBA and your income leads me to believe my original assessment was right on the money.

The mortgage info states 155k and assessed at 28K.

I assume the number will also change if the purchase price is much higher than the assess value from the county.