Okay so I believe they do have a reserve fund. I've lived there for 2 years and they have done some pretty major renovations with no additional costs to the owners.
I don't believe taxes are different. Taxes are included in my $500 income (its pretty low since its only 600 square feet or so). HOA permits renting
Not sure about insurance costs.
Planning to self manage. Its next to a law school and multiple universities where I would target grad students as renters.
Im too far away from purchasing to really figure out how much of a down payment I wound need. Probably looking in the range of 150-200k purchase price of a new place, or possibly even renting.
Not just a reserve fund - a reserve
*study*. In some states, HOAs are required to pay for Reserve Studies every 5 or so years. It's not about how much is in the reserve fund now.
A Reserve Study looks at the age of the building and its infrastructure, the expected date for repair/replacement of things like roofs, elevators, boilers.... and how prepared the HOA is to fund those repairs. The study actually forecasts out how much money the HOA will have in the future, based on current/potential future HOA dues.
Look, I'm not trying to troll you - BUT, serious face-punch here. It doesn't seem like you know anywhere near enough about the ins and outs of property ownership to be taking on renting out this place, especially given the financial risks around owning a condo. I'd sell the place, buy a house, and read everything I could get my hands on about this topic before I'd consider purchasing a rental property.
Edited b/c I got you confused with someone else.......... sorry 'bout that.