Unfortunately the neighbors did not like it and I'm in an HOA so I am putting in a full time renter now.

For some strange reason is still has a Lehigh Acres mailing address, but the HOA of Sherwood at the Crossroads clearly states it is within the city limits of Fort Myers and enjoys all that city's infrastructure services.If I do a full 20-25% discount, I would make nothing on the deal, which means I paid too much for it to sell it to a buy and hold investor, apparently.

The market rent is $700-$725 with HOA fees are 248mo and property tax at 118mo.

@Max Gradowitz But doesn't HOA take care of a lot of maintenance and capex expenses? 

The HOA fee of $350 per month pays for property taxes, hot water, and maintenance of everything outside of the house, some or all of which would be tax deductible to me if I owned the unit.  

What are the HOA (or equivalent) fee's..?

When I moved in the hoa dues were $190 and this year they are $230.

If you had two units, ground floor retail and second/third floor as one residence then you'd need to create two condos with an HOA or equivalent entity that effectively handled common area maintenance. 

Avoiding Condos and HOAs normally works out better but some people get lucky with those. 

Assume I can refinance and get back $112.5K (75% of $150K), my cash out would be around $12K, equity gain would be: $25KMy diploma is this after I deduct all expenses including PM, commission, mortgage, tax, hoa, insurance...I end up with almost nothing ($500 a year is my number).