It may be the city, or HOA, or county, or you may own it.

Gross Income - Expenses (mortgage, hoa, utilities, etc) - cap ex (10% of gross, I like) = cash flowIf your positive after that, you should be fine.

On the other hand, there are negatives as well (monthly HOA fees, restrictions on what we can do with the property, special assessments) that you don't encounter if you own something "off the beaten path."

Check to see if the HOA allows rentals if you decide to buy this.

@Henry ClarkThe NC property is not cash flowing we actually come out of pocket about $40/mo with hoa.

HOA fees 2.

For example, in my lease, I have a clause that reads (in part):“INSURANCE: Tenant’s or guest’s personal property and vehicles are not insured by Landlord, manager or, if applicable, HOA, against loss or damage due to fire, theft, vandalism, rain, water, criminal or negligent acts of others, or any other cause.

Insurance is high, there is HOA, and this property is in texas so i have high tax amount too.

Look at the 50% rule, it is conservative in our market and if you have no HOA or melo Roos your expenses may be closer to 40% including PM.  

Does the condo association/HOA permit it?