And given a huge HOA, that may keep growing, at each turn that HOA fee grows the market price drops. 

I have not personally invested in condos although I've had friends who have and the HOA fees are a variable fee which is why I have not chosen to invest in condos.

Quote from @Bruno Demarco Quiroz: Hi Amy,When you say “a property that will pay for itself,” do you mean covering HOA fees and utilities, or also the mortgage?

I didn’t catch that the HOA has a bylaw that states that no more than 3 unrelated people can live in the house at any given time, but I have it rented to 5 college soccer players(two are brothers).

Quote from @Harvey McMurray: Working through an infill lot opportunity in Spartanburg SC with utilities at street, no HOA, and strong new-build comps in the $260k+ range.For those who work with builders or who wholesale land regularly, how do they typically evaluate:• Lot size• Utility availability• Comps• Dirt condition• Entry priceI shared the full situation in my Classifieds post per BP rules.Just trying to understand how builders in that area run their numbers.

No restrictions, no HOA near but outside of flood area.Seller's Mortgage is a 6.375% rate. 

For the HOA, you'll need to do some due diligence. 

Yeah it has been tricky to figure out which one until I pick up the phone and start calling HOAs.

You would need HOA approval as this is most likely considered a common element and if you were to damage it and impact other units the lawsuit and damages could be worth more than your unit, especially if done without HOA approval.

For the HOA, you'll want to review meeting minutes, financials, and see if there's a rental cap because ideally you'll want to rent out post-move out or if there's a spare bedroom, be able to rent that.