Also, need to have eyes on the ground to make sure pool maintenance and lawn/landscape is up to snuff.    

I believe interest rates are going up this year, but even if they go up to say 6% on a loan, that would come out to $1200 per month (and then I'd add insurance which may be high due to the flooding; so lets say 3K per year - so $250 a month + 3K per year in taxes) - if I rent it I'd need to budget for vacancy and repairs, tenants would pay for utilities, lawn care, it'd be about $1700 a month in costs for me minus let's say $2500, cashflowing around $800 per month.From the math you provided and the two loans your repaying, you have a slim profit margin for a flip and you might be a little upside down if you choose to refinance and rent it out, depending on your monthly payments plus loan payments.

These are the roofers, plumber, candy machine vendors trucks, park left right, on the lawn.

Things about to sucked into the vortex:  mortgage payments will default as homeowners sag under the weight of supporting tenants; tax payments because there's no spare money to pay such a big bill; maintenance since there won't be any extra cash for improvement;lawn care since that is not mandatory; all types of home improvement, unpaid utility bills that accrue and turn into property liens.  

By not pursuing either of those options you're artificially creating an insurance related issue for you that isn't typically there...

Since this has an HOA, the rent will include water, sanitation, lawn care, and snow removal.

Typically, other things are provided like trash service, snow removal, lawn mowing....all of which eats into profits. 

Watering the lawn, filling a pool, etc?

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If it were my $4,500, I'd pitch a tent on the lawn and just stay until we all fixed it.