Rental properties w/ high HOA

[Jonah Kubath]

I am researching to buy my first rental property.  I am looking in the Washington DC area.  Most of the houses / condos will be in the 500k range.  When running mortgage calculators, the monthly cost would be:

Mortgage: 1700, Taxes: 360, Insurance: 170, HOA: 500 (or more!)

Total cost per month: 2730

When I look at rental prices in the area, I would barely come out positive if not in the red.

Question:  What should I do differently when looking for houses or am I analyzing the properties incorrectly?