The town house is located in Phx,Az in average side of town,1600 sqft , 3br, 2 bathrooms, with large yard (for town house), from just visual inspection looks like no major repairs are needed, hoa 180, its a pre foreclosure , originally asking price was $306k , i made an offer of $224k , if inspection comes out clean i think its a good deal, I am a single man , haven't decided if i do get it , rent the 2 extra rooms at $1k a month all util included and semi furnished , that will cover my mortgage, utilities , hoa and might have some left over lol, or just live in it at least 6 months to a year (i can afford too), find another house wash rinse and repeat, and put the town home as a coliving situation and rent each room for $1k all util incl.
Hoa is resident managed , so could be light , i will get and read the Hoa addendum before accepting anything.
The town house is located in Phx,Az in average side of town,1600 sqft , 3br, 2 bathrooms, with large yard (for town house), from just visual inspection looks like no major repairs are needed, hoa 180, its a pre foreclosure , originally asking price was $306k , i made an offer of $224k , if inspection comes out clean i think its a good deal, I am a single man , haven't decided if i do get it , rent the 2 extra rooms at $1k a month all util included and semi furnished , that will cover my mortgage, utilities , hoa and might have some left over lol, or just live in it at least 6 months to a year (i can afford too), find another house wash rinse and repeat, and put the town home as a coliving situation and rent each room for $1k all util incl.
Hoa is resident managed , so could be light , i will get and read the Hoa addendum before accepting anything.
Arizona appears to be very weak on law regarding HOA Reserves, however specific project By-laws may set out requirements. Ultimately, the Board is a fiduciary to it's membership, and should "plan for" adequate reserves.
Depending on the age, number of units, amenities, and the project docs, it's little more than a coin toss trying to determine the true financial strength of the project.
In general, HOA/COA properties are a poor choice for investing, simply because a group of strangers decides, often on a whim, what your costs for the coming year will be. You simply can NOT compare any one project, with any other project in terms of "monthly fee", "assets" balance, or other criteria. Each project is unique; each Board is unique as is their determination of what "needs" to be done for the benefit of the membership.