It’s also an odd rental, out of city limits no HOA, and between the two worst houses in the neighborhood (one is vacant and hasn’t been mowed in years, the other runs an mechanic shop out of his yard).

Coming in 2nd, is our HOA, turns out my neighbor hasn't paid his HOA Dues in about 3 years (500/year- total amount due to HOA is 1,600.00)That leaves the 3rd.

And make sure to account for the following expenses (if it applies):1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

They tend to be slower to appreciate and HOA fees tend to rise faster than rents reducing annual cash flow.

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.