As the property ages do you consider it possible the HOA might assess you a $20,000 property repair fee.

So too low HOA fees are a problem.And another aspect of too low fees is that when there is a big expenditure they have to have a special assessment to all the owners to pay for the bill.

Approx 69K if comparing to just the tax assessment.

Since it is likely your purchase is legal non-conforming with respect to current building codes, any insurance needs to covers reconstruction of the structure to current codes - some policies consider code-related improvements as enhancements to the existing building.I would also closely check the co-insurance provisions, loss of rents limits ($ and time), boiler coverage and general liability caps.A good commercial insurance broker can really help assess the specific risks and you may be able to loop in your other properties under the same general liability coverage if you consolidate with one carrier.

They assess a high fee for some reason, you pay it.

I've read that they tend to cost about $350 to do a full assessment?

I did some research and found that the land is assessed at $73300.

For example, in Atlanta, 30 minutes from the city might as well be 2 hours in traffic -- most people who will live there won't work in the city and incomes/rents will tend to be much lower than areas closer to the city.Not saying this is the case with the place you're looking, but just a counter-example to your assessment...

I invested in a great area for rentals and all was going well until I realized that the association had no money and I was hit with a $7K assessment for a new roof and the next year a $14K assessment for new siding.

You need to walk through units, experience an eviction, assess a plumbing issue and determine the best course of action.