So I found a property in the Caribbean (this island isn't in the hurricane's path) that I (initially) thought was an excellent deal. It's a two bedroom, two bath apartment that's part of a resort in an exclusive area. The resort no longer operates as a hotel and they've sold the individual units and the compound is run by a management company. The grounds are in great condition. The price is $130K and vacation rentals in that region go for about $100 per night.
Upon asking the local agent for more info I found out that the monthly HOA is $800 USD per month (and $1,000 per year for insurance). That seems pretty steep to me.
My question: even if the monthly income covered P&I and the HOA fees, will it be worth it financially? My goal is to own a vacation home that my family can use when we see fit and rent it out otherwise on AirBnB (and possibly generate cash flow as well). FYI - I do have someone trustworthy that lives over there that can "keep an eye" on things for me.
The HOA is too much did you consider Dominican Republic, Sint Maarten or Aruba you will find better deals.