Analyzing condo financial health

[Jacob P.]

I've started my investing career focussing on houses, but recently came across a condo whose numbers look good (in terms of expenses vs. potential rental income).

One piece of the puzzle that I'm not really sure about though: I know that financial health of a HOA is an important element to consider, but I also don't know what "healthy" really means. Can anyone give me some rule-of-thumb kind of figures regarding what a condo HOA should have in reserves, spend on an annual basis, etc.?