It’s located in a popular Air BNB resort area with a great school district.

I am actively growing and improving my properties along the way.

You need to do your own research by going on AIR and VRBO and comparing similar rentals during different times of the year, and different lengths of stay.....Other than that, sounds good...you say you're already aware of the pitfalls of HOAs, so if the price is really that good, go for it.....

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.

This can improve my cash flow on the rental to about $600. 

It's a VA Loan so other than the funding fee and $15k flooring improvements and around $15k for something else (bad memory) I have nothing else in the house.

Pricing adjustments occur for things like loan-to-value, occupancy, and even loan size (ie. pricing improves on bigger loans because the margin is higher).

Do the research thoroughly and upfront on the buy side so that you know what is realistic to expect as far as the improved value goes, and don't bank on setting new records when doing so.

Mortgage and capital improvements are excluded.

My wife and I are active duty Air Force officers and eager to use our VA loans/sink our teeth into REI in the states, but it feels hard from this distance.However, I think there could be some unique benefits to adding someone 16 time zones away to an investment team.