Numbers below:Bought in 2015 - $197kRemodeled - $30k Currently owe - $189kFor sale comps - $255kCould probably rent - $1950Mortgage with HOA, taxes, insurance - $1550Currently have about $50K to put down for the next house.

. $0 actual cash, $3k used from equity)Repairs$2,600.00Holding Costs$0.00Down Payment$18,250.00 2nd mortgage to cover downpayment$0.00All Personal Contributions$20,850.00Total Investment$367,600.00Total Loan Amount$346,750.00Number of units1Average Rent per unit (CELL E19)$3,000.00PRIMARY MORTGAGETotal Loan Amount$346,750.00Interest Rate3.300%Term Length of Loan ( in Months)360Interest Rate per month0.00275Monthly Mortgage payment for 1st Mortgage$1,518.612nd MortgageTotal Loan Amount$0.00Interest Rate0.000%Term Length of Loan (in Months)30Interest Rate per month0Monthly Mortgage payment for 2nd Mortgage$0.00Total monthly mortgage payment(S)$1,518.61Monthly Insurance$104.17Monthly Property Taxes$360.00Other Monthly Expenses (HOA, Utilities, Maintenance, Etc)$940.00Total Monthly Expenses (not with mortgage)$1,404.17Total Monthly Expenses (with mortgage)$2,922.78Other Monthly IncomeTotal Gross Monthly Income (Rent)$3,000.00Total Annual Expenses (not mortgage)$16,850.04Total Gross (Most Possible) Annual Income$36,000.00Net Operating Income ($ left to pay mortgage)$19,149.96Cap Rate (for multifamily/commercial)7.00%VALUE BASED ON CAP RATE$273,570.86Cashflow per month$77.22Annual cashflow average$926.64All Personal Cash Contributions$20,850.00Annual cashflow$926.64Annual “cash on cash” Return on Investment4.44%Section 4: Hybrid Calculator (X years rent, then sale)Total Investment $367,600.00Years Held For2Future Sale Price, Less Closing Costs $550,000.00Total Sales Profit$182,400.00Cashflow over X years (E42 x E47)$1,853.29Total Profit Over X Years$184,253.29Total Down Payment (E7)$20,850.00ROI per year average*441.85% (I think this is wrong...)

I agree the fee is annoying, but it seems like every neighborhood in MD has an HOA (foreign to me being from CA).

Should I buy house instead of condo or townhouse to avoid hoa?

Some HOAs do not allow STRs but most seem to.

Based on a few properties that I checked and with some assumptions about rental income,  the ROI seems to be cash positive, though they have steep HOA.

In your opinion how much would be an average standard rate for each unit (treated as condo) in a four-plex assuming HoA pays for exterior, roof, foundation etc?

Where it’s legal you need business license, sound monitoring equipment, Hoa approval, nobody else doing it within 600 feet, and hope the laws/rules don’t change after you buy it. 

Know that there are HOA costs and sometimes restrictions so make sure you work with a realtor that will help you look for a Condo where there are no or minimal lease restrictions. 

HOA is $210 on all of them.