Main thing is research the HOAs. 

I think the two biggest factors you should consider are location and HOA.

As a quick run down: Rental income $2,000 ($1,000 per unit) There’s no laundry but potentially space to charge storage.Expenses:Taxes ($3133 online) $261/moInsurance $70/moWater: called downtown the property is averaging $237/moGarbage: no costElectric: tenant paysGas: tenant pays HOA fees: n/aLawn/snow: $20/moVacancy (5%): $100Repairs (5%): $100Capex (10%): $200Property Management: $200Mortgage: $785 Expense total: $1973Income: $2000Monthly cash flow: $27I like this property and the area it’s in (again we’re house-hacking here).

@Christopher Brainard Sorry, forgot to mention the HOA does not allow estate sales!

Studio condo, 500 sf, HOA of $356(all bills paid), amenities include on-site fitness, sauna, covered parking, laundry on same floor, pool, basketball/tennis court, and fully furnished.

But if you do, make sure he builds in the costs of proper pre-auction  research for title, HOA debts, taxes, etc.  

Full breakdown to 100% :)Overall Vacancy rate: 14.5 / 656 mos ~ 2.7%Interest on mortgages: 35.8%Cashflow / Principal Reduction: 29.7%Property Tax: 11.2%Mgmt Fees: 8%Maint/Repairs 7.2%Insurance 3.1%HOA Fees: 2.1%Advertising/Fill Fees 1.4%Utilities: 1%

But I've found that in the areas where I feel comfortable buying a property that I think will rent easily and appreciate well, there are a lot of HOAs that have rent restrictions.  

The rent covers the mortgage, but I still pay $5.5K for taxes & $2K for HOA.

You need to have a rent collection system set up and a way for that money to be sent into your bank account and also be able to handle people not paying, bounced checks, HOA violations , tenant life problems,and you need to make sure you have a good current up to date knowledge of all the laws and regulations in your state and local area regarding your tenants rights.