Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

You didn't even mention tenants who don't pay rent, evictions, vacancies, HOA violations, the consistent rise in taxes and insurance, bad property managers, and the many other issues that cut into your profit. 

The reason I'm okay with this and others I'm purchasing like it is that I took over a 3.25% interest rate which makes my payment all in $1611/month + HOA.

Some community HOAs might not allow room rentals but are usually allowed around universities.

you might check that out, they may have contacts for contractors there with the HOA if they share that type of info.

My reasoning is because I simply do not qualify for a loan for any properties out here and units that are being sold off in smaller multi-family properties have ridiculous HOA rules that make it quite difficult to cash flow or just pencil out in general.

My cash flow is not great because of high insurance rates and HOA fees.

Property: SFR in Ontario, CaliforniaRent $3200Mortgage Payment (2.875% rate) - $2661.06 + $185 HOA = $2846Mortgage Balance - $456k Estimated Value - $700k(3 bed/2 bath)

Here's a source that propstream.com has the data on;   HOA liens,  bankruptsy,  divorce.   

Hi Abdul,I just backed out of lots purchase in Galveston Bay breeze area few weeks ago because from my findings on the HOA and certain restrictions.