The cost of remodeling is worth mentioning as rseiser points out. Bathrooms and kitchens last about 15-20 years. Other major maintenance include roofing, termite, private roads, etc… $200 HOA will definitely not cover these. Additional assessments will come into play as the property gets older.
My dad had a water slab leak and that cost $10,000 to re-route the pipes through walls. Insurance pays for the damage but not the re-route repairs.
My friend lives in a high-rise condo in Chicago and they had $15,000 per window special assessment!! He has 7 or 8 windows. I wonder about all the private communities built in the last 20 years. As properties get to 30-50 years old, those owners will face major repairs.
If you talk about the long run, you have to consider these costs. A renter can just walk away from the headaches and rent the newest most comfortable homes.
Some other things cannot be quantified. Bad neighbors can be a nightmare. If your employer moves your commute could suddenly become hell. If there’s no appreciation, you can’t sell thus can’t get away from an unpleasant situation.
