I live in a townhome in a HOA community in northern VA - going on 3 years now.  

The criteria I listed is First & Last months rent plus a security deposit, which is equal to the rent price.  650 credit score minimumNo petsThe HOA that governs the property also requires a background check and credit check as well.  

Rent is about 2 grand +350 hoa due.About two thirds of properties closed last three years in Gilroy are by investors.

Hoa property manager gave me a few leads as well as Hoa president.    

He got himself on the HOA board, started enforcing rules, removed the bad elements and his investment paid off huge.It took him a lot of work and several years.

I just don't see how the numbers could ever work between the cost of condos in that area, high taxes (even with abatements), and the crazy high HOA fees for all the buildings near Downtown/University Heights -- not to mention vacancy, CapEx, etc.  

A lot of investors steer clear of properties with HOA fees.

From a investor stand pointSFH - ProsMore freedom to do whatever you want to the propertyTenants tend to live longer in SFH, and they care for the property SFH - ConsAdditional costs like gardening, pool maintenance etcBig ticketed repairs like roofCondos - ProsCommon areas, roofing, gardening, pool maintenance taken care ofWater/trash/solid waste taken care ofCondos - ConsUnprofessional HOA - trust me they can be pain in a**Sharing walls - unruly neighbors can give your tenants sleepless nights - vice versaTenants tend to eventually move to SFHHigh HOA feesDemanding tenants can and will drive you crazy with common area repairs even though they know you have no control on them - Hot water/Bees etc. 

Not only will amenities be improved, but the HOA fees will be reduced as the fee from each owner will help pay off a debt owed by our building.

So I went and physically walked the complex and I think it is C- also what ended up killing the deal is the HOA fees.