Get the financial staement from the HOA and see how “liquid” you are.

And look with a cynical eye. I lived in a townhome complex that was 35 duplex structures. Each two stories high and 1300-1500 sf per unit. Essentially 35 large homes.

The complex had $350,000 in roofing reserves and was at 20 years with original shaker roof.

Not only did the HOA blow through the $300K downgrading to an asphalt shingle, but because of unforeseen termite damage (well known in the community), a special assessment of $3500 was due. This is after all bidders got the chance to inspect 3 units.

So, think what a repair is going to cost you in an SFR, multiply by two, and add a factor for incompetence and graft.

Want another one? My current rental last year needed to do terminte tenting. Since the HOA newsletter comes to the house, I know the special assessment for the owners was $3000, luckily it came with a monthly option $94/month for the next four years. Plus, all the owners had to foot themselves off to a hotel for a three day weekend.