You have to budget for damage and replacement of those items. 

Your annual budget and reserve funding documents can shed light on that, and you absolutely need to understand them.Owner's are ultimately responsible to pay fines, and typically charge them back to the tenant directly, or if they are using a Rental manager to oversee their unit, the PM would do so.

I have been doing remodels for 25 years and have NEVER seen one that came in on budget.

I learned the process of management ( the up and downs ) Cash flow is great having held it for a longer timeframe.I’ve learn the cycle of the property and what to expectant budget before it happens.

Your budget and current savings will play the biggest factor in where you can buy.

For a 1/1 you should budget $150 or so per clean like @Laura Myers said.  

I also live in NOVA and I find the market very expensive for my budget so I analyzed couple other nearby markets (Baltimore, Harrisonburg and Richmond) and decided to focus on Richmond VA.

I was so excited about this concept when I first arrived to BP but alas I've come to realize it's probably not feasible due to all the factors Roy mentioned, plus the fact that we just have a much smaller and therefore tighter market than our US counterparts.

I did review the HOA docs and HOA budget and I was able to confirm that they have ample reserves but I'll need to double check when was the last time the 40 year was performed.

I'd aim to find/buy/create a deal that's $125K this way you're under budget from the get go.