I already made the decision to go with the dark green roof, and while I don't think I would ever go with that color again, I have to paint the house anyway, so I have to come up with a color scheme anyway to match the roof. 

I tend to think it best to stay away from HOA situations.I literally ran into a buddy today who has a condo in an HOA and is going through a nightmare scenario of a roof leak that has destroyed a couple interior walls and is very costly to repair.  

@Sean Ploskina I am going to look over the property next week 90 % was newly renovated back in 2013 with new HVAC & roofing through out the entire complex

I was so excited because I think I bought a good deal - cash flows well, bought under the appraised value, most of the units are recently renovated, new roof, new a/c units, etc...That being said, an hour after closing I was alerted that a child in one of the units suddenly passed away in the middle of the night the night before the property was in my possession.  

You'll find people on here who will tell you the cash flow isn't enough for that investment, you can't count on equity or appreciation, blah, blah, blah, but I like the deal (assuming the major items roof, hvac, etc are in good condition). 

HOA's are no different than single family homes that could need a roof replacement, an unknow code violation due to structural/electrical/plumbing issues or a drug dealer that moves accross the street after you acquire the property.

(Roof, water heaters, HVAC... ect.) 

Unit 1 currently rents for $850, after improvements (adding central air to whole property, W/D in basement) we will rent for $950Unit 2: Total gut job and we will rent for $1,150Income/ExpensesTotal Monthly Income: $2,100Expenses: $830.57, Saving: $315, Total = $1145.37P&I: $531.45 + $40.26 (additional $7,500) = $571.71Insurance: $100 per monthProperty Taxes (yearly): $23875% vacancy, 5% repairs, 5% CapEx (we are replacing roof, gutter, new A/C, and 2nd unit will be brand new everything) = $315 per monthMonthly Cashflow: Before Saving: $1269.63, After Saving: $954.63For our calculations, we use the before saving value because we both have full-time jobs and will be dumping a large portion of our paychecks plus cashflows from this property and other properties into an account so we will have ample fund if something were to come up)ROI:Purchase Price = $82,000$33k (down payment) + $2.5k (extra cash needed) = $35,500Total Monthly Income = $2100Monthly Expense = $830.37Monthly Cashflow = $1269.63ROI = 12 * $1269.63 / $35,500 = 42.92%ROI (w/ savings) = 12 * $954.63 / $35,500 = 32.27%Cap Rate = 26.36%Cap Rate (w/ saving) = 21.75%Additional Factors:As stated above, this is one of the last parts of Oakley that is being improved upon and the average home value is $199,500The house next door (that is the exact same as this property) sold last summer for $165,000With the combination of the two above, one of our exit strategies is converting the property into a single family down the roadThank you for reading!

The building has a metal roof but it needs to be replaced.

Roofs need to be replaced in 30 years, water heaters in around 10, etc.