My price range for condos are a lot lower because of the crazy HOA fees that I regularly see in the Dallas area.

I normally spared 5% (one month) of vacancy, 5% for repair and maintenance, 8% for property management, all my tenants pay for their utilities and all my houses don't have HOAs.

No HOA.  

400k in HOA arrears is a lot!

By the early 2000s, those low income apartments were getting low-grade rehabs and sold at stupid premiums as condos, just in time for a bunch of people to buy them for $200-300k only to see prices fall to below $100k, foreclosures skyrocket, and HOAs fail miserably. 

Many cities in Texas have great population and economic growth, but you need to be mindful of property taxes and the fact that many neighborhoods have mandatory HOAs.

If the HOA allows rentals, this can be an effective way to house hack.

With an occupancy of ~80%, and an avg nightly rate of $160 our gross revenue would be ~ $46,592.00.WIth costs including Insurance, property tax(and CDD), HOA, PM (and 5 callouts/year), pool maintenance, pest control, deep cleaning and utilities that should cost about: $17,284.00.

I assume that the HOA foreclosed on the property and now this note is for sale.

We have our research,  hoa, rental rules etc and ars all good and also listened to the BP vacation podcasts!