No HOA is a big deal. I went through something very similar in a Portland suburb (bought a condo via short sale, rode it up about 140k in 3 years -- over 100% appreciation) and started debating if I wanted to deal with the HOA for renting or just sell it outright. I, too, have a great location and other condos in my complex sell pretty quick, partially for their large size, great schools and great neighborhood setup (parks, trails, safe, etc.).
My HOA rules are: Can be rented out for 1 year, then needs HOA board approval / rejection for year 2 (basically unless it's a medical / family reason, they reject). Not allowed to rent for year 3+.
I'm choosing to sell (in early Spring 2016) for the following reason:
1) Lock in gains. If 2008 hits again, those gains (while you're renting it out) can be toast. Then it becomes a buyers market again for a few years. Who's to say how long the next 'recession' would last (and will they keep printing money to prop things up?)
2) No more HOA. My HOA Chairman is a nice guy, but these rules...I mean, they're everywhere and cover everything! Basically, if you're looking for a retirement community or you travel a lot for work, my complex is the way to go. Otherwise, get a house and avoid HOA.
3) My complex has HOA, but the full neighborhood area has another HOA-type due. There's an assessment placed on each type of residence, whether a home, apartment, condo, etc. and those dues get paid monthly or bi-annually. This is for use of all the local trails, maintenance, huge (nice) Rec Center, etc. But...it's basically a HOA on top of an HOA. If I hadn't been so comfortable knowing the neighborhood I'm in now (grew up in the city I bought in), I likely wouldn't have done it. At the same time, the lack of yardwork effort / tools, roofing repairs, new siding costs basically let me use the HOA funds to repair my unit to gain value, so it's been money well spent.
If you feel you can flip it (after fees, capital gains, etc.) then go for it -- there's some risk involved (a la 2008), but with 30k equity, you'll have a bit of a buffer. Plus, if you're comfortable with the spread for what you pay vs. income, then that takes the risk level down accordingly.
I'm not sure you want to do something similar, but as long as you go in there with eyes wide open you should be fine no matter which decision you make. Nothing is risk-free.
Would be interested in an update when you make your final decision, and how that plays out.