You have to factor in vandalism, squatter, eviction, market trend, foreclosure, local authority citation, legal & HOA expenses to make it work.For too often, I see people bid up the property due to emotion instead of reality.

I just don't see what numbers it calculates this from.7530 Irish Ave Purchase Price: $115,000.00 Purchase Closing Costs: $3,450.00 Estimated Repair Costs: $30,000.00 Total Cost of Project: $148,450.00 Projected After Repair Value: $205,000.00 Profit: $42,553.62 Total Personal Cash Invested: $59,321.38 Holding Costs Per Month: $989.03 Return on Investment (ROI): 71.73% ROI (Annualized): 290.92%  Property Information Loan Amount: $92,000.00 Cash From Borrower At Closing: $56,450.00 Loan Interest Rate: 5.5% Sales Price after Fix Up (ARV): $205,000.00 Real Estate Agent Fees: $5,125.00 Other closing costs: $6,000.00 Total days held: 90 days Monthly Expenses Mortgage Payment: Electricity: Gas: Water/Sewage: Garbage: HOA Fees: $522.37 Insurance: Property Taxes: Other: $166.67 $300.00 Flip Analysis -  

Even taking into account the HOA dues, there are opportunities to find high cash flow opportunities in the condo space.  

Also, if it matters, if we acquire the property, we'll own the quorum, and can become the HOA, which means we can take in the income and manage the park as we see fit.I'd like to rank these by highest effectiveness, lowest cost, here is an unordered list of ideas.Hire a well connected leasing agent, and offer them a handsome commission In fact, the leasing agent that we may hire, may not be the "best" agent for the job...

BUT it does depend some on HOA dues.

You need to include HOA fees if you have them.

With the Mortgage, HOA and taxes my expenses are about $800 and I'm renting it for $1200.I hope to buy about 4 more in the same complex.

That being said, since I'm still single I would hate to pay the incredibly high HOA fees in Ladera without taking advantage of the waterpark, playgrounds, etc.

But this comes with a very questionalbe HOA fee.Odd fact is, there has been a flurry of new SFH construction in the last 6-months.

See this next link where the IRS lien myth gets busted:http://www.biggerpockets.com/forums/311/topics/91948-buying-hoa-liens?