I did a little digging and the owner is being sued by the HOA and is headed towards foreclosure if not eviction.

@Sarah Langley I am also on a fence with condo because of the high hoa/ condo fees but it seems that condo is more common around the area.

Rents minus taxes/insurance/Hoa if any gives you gross.

My monthly payment including the $240 HOA will be around $1700 which is very comfortable for me.The unit next door that I'm contemplating buying was bought in 2007 for $430,000.

The quality of the HOA really matters.

We'd be holding this long term.It's a 1980s build, 5/4 on one unit, 4/3 on one unit, and an efficiency apartment which has been rented in the past with questionable legality (we'd have to work through the permitting/HOA to get it square). 1 unit is rented only, so we'd occupy one and rent one out for now, but I'm just analyzing as a pure investment None of the rehab needs to be completed before move in, and we'd likely be doing a lot of work ourselves over time (kind of a live in flip). 

The cons are usually has HOA's, no mature trees and neighborhood feel, slightly higher price point, lots tend to be small. 

are you expecting the management company to deal with repairs, HOA, tenant requests, emergencies and anything thing else that arises, or is the tenant going to be calling the owner during this month.Either they are managing, or they are not managing.

Your savings shows you will have a HOA’s far beyond what the normal renter desires.  

But as you probably know there is a huge variance in HOA fees which can make it harder to cash flow if you use it as a rental.