Thoughts from experienced investors?
If you own two units there, then the homeowner's association could be twice as bad as your worst nightmare.
Here are typical questions for concentrating your real estate ownership in one basket:
How are the association's finances?
How are they pursuing delinquencies & collections?
Any ongoing disputes with the builder over construction defects?
What's the percentage of absentee owners? (Most mortgage lenders are reluctant to lend to people buying into condos with low percentages of primary residents).
How old are the common areas, roofs, parking lots, roads?
How's their liability insurance for the pool?
Is the HOA involved in any pending lawsuits? (Trick question-- the pending lawsuits never end, only the degree of bad news.)
What would happen to your finances if the HOA levied an assessment for anywhere from $1000-$10,000 for various repairs/projects?
My impression of HOAs under 250 units is that the talent pool is too shallow for good management, and even if they hire a professional property manager they're still at significant risk of being ripped off.
You've identified a potential opportunity, but that just means it's time to start the due diligence. Arebelspy and the other real estate experts can guide you through the math, or you could start with Frank Gallinelli's real estate math blog:
http://realdata.com/blog/