I have run into an HOA issue - I have leased a townhome to a tenant and I leased it with verbal consent form one of the board of directors of the HOA.

IMO HOA fees make cashflow properties difficult to find here or needing higher down payments to mitigate the cost of borrowing.

.” □ If your property is part of a homeowners association, please verify that STRs are allowed in your HOA. □ Check with your insurance carrier to ensure that your STR is covered.Does "the property" cover a fourplex that you occupy?

Here is a list of factors I believe will help me determine/give me a better idea of ARV:-Building age-HOA Fees-Amenities/Parking-Potential rental cap rates-Square footage, # BD, BA, unit condition etc-Comparing the condos to units within a quarter mile radius-Floor level Obviously, it will be harder to quantify some of these factors.

I say that because at least here in Denver, there are no condo buildings or any other HOA-governed home that I've heard of that allows Airbnb-style STRs.

Single families in decent neighborhoods can be had for mid $200k's and with FHA you can put as little as 3.5% on your primary residence (can get in for less than $15k down) so long as you can qualify with your income and credit (check with a mortgage broker).I personally prefer small multis (2-4 unit) or single families with no HOA over condos ... better class of tenant generally, no HOA fees, and no loss of control to the HOA.

MAKE SURE you budget more for CAPEX - because most HOA have special assessments from time to time. https://www.biggerpockets.com/buy-and-hold-calcula...good luck! 

Looking to buy another investment property the right way by doing more research on HOA Fees, the neighborhood, taxes, schools etc.  

Is there any HOA dues or anything?

It's an attached attached PUD (planned unit development), so the rules with the HOA are a bit different.