In no particularly order...
Lawsuit against HOA
HOA spending impacting fees
Special assessment
School redistricting
Major road construction (although this is usually a 2-3 year period unless you live in NC not near Raleigh)
This complex becoming a less desirable complex relative to others
Re-zoning
The guy who owns 50 has less exposure to some of these items because with 50 votes he should control the board to some extent. Personally I would have to have a very compelling reason before double dipping in a neighborhood. Generally if there's a good deal in a complex there's likely another good deal in another complex. Think about it like investing in stocks. I wouldn't want more than 20% of my portfolio in one stock.
Lawsuit against HOA- This might be the only one from the list that would be a factor for mine
HOA spending impacting fees- super unlikely. They are well insured and have been operating at a surplus with no fee changes for a few years
Special assessment- maybe this, cause I have no idea what would fall into this category
School redistricting- not possible, in fact, brand new school just built less than 1/4 mile away
Major road construction (although this is usually a 2-3 year period unless you live in NC not near Raleigh)- not possible, plenty of roads all around and zero logistical possibility to tear it all down for a freeway, partly because you would have to tear down school and many house, plus there is a free way just north and another a few miiles south.
This complex becoming a less desirable complex relative to others- It already is. Any other condo complex in this city has unit selling for AT MINIMUM double what they sell for here. I mean, the demand is there, but it is already by far the cheapest condo compex in the city.
Re-zoning- Can't even imagine what it would be re-zoned for, and even if it was, does Obama step in and just TAKE the condo away from me?
I realize like any investment there are risks, but again, after talking to people who know this stuff much better than me and have 1st hand knowledge of this exact condo development, I couldn't feel safer investing in multiple units here. There are definitely other condo developments around here that I wouldnt. It wouldnt make sense anyway. A 3 bedroom in another spot that costs over $100,000 will rent for the same amount as the 3 bedroom unit in the development I am in, and those cost just over $50,000.
There is currently a waiting list to rent here. People apparently like living very close to both the high school and middle school, and it helps that it is a fantastic school system.
I did recently hear that they may be making a change soon and rule that a certain percentage of the condos must be owner occupied, and once it gets to be at that percentage you can no longer buy any of the condos unless it will be your primary residence. If this were to happen after I already own them I would be grandfathered in. Plus, it would just increase the already high demand since less would be rentals.
I am sure I will get a call in the morning sometime soon telling me I owe $30,000 for some sort of crazy construction of some sort now that I have said all this, but until then, I'll keep an eye out for another.