But factor in the light rehab of carpet, paint, appliances and then calculate the holding costs, $400/month HOA, and real estate sales commissions, and that deal falls well under a $20K profit.

Especially with HOAs. 

@William Dubus - You'll want to ask if there is an HOA or see if your property is on land associated with one of the protected natural areas.

They should not transfer to you personally though your interest in the property may be subordinate, with the possible exception of HOA & COA liens. 

Has HOA which covers larger expenses like roof and siding, plus maintains property.

It has been unoccupied for 11 months, no power, no one checking the mail, and no HOA dues paid.

Another issue I am running into is there is a HOA so the repairs would not only need to be cleared by the city but also by the HOA.

Is the townhome part of an HOA?  

Association dues (HOA) usually kills a potential good cash flowing property.  

I am not going through old shoe boxes, but in looking at the online transactions for the past two years, I noticed everyone but me were current in HOA payments.