Property Assessment
Comprehensive buyer-focused analysis
Proceed with Caution
This community has strong reserves in absolute terms and an active board, but is underfunded relative to long-term needs. Budget for higher dues and potential targeted special assessments.
Key Findings
- •Reserves are 48% funded ($4.8M vs $10M needed), indicating medium risk of future special assessments.
- •Board is active, recently spending $1.2M from reserves on major exterior painting and capital projects.
- •Insurance premiums increased 43% with high deductibles for water damage and earthquake.
- •Pets allowed (up to 2), short-term rentals banned, fines up to $5,000 for serious violations.
- •Overall risk is moderate: good long-term home if you can budget for higher dues and periodic assessments.
Before removing contingencies, review the latest budgets and reserve study in detail. Confirm any upcoming projects or assessments, and make sure the rules and enforcement style align with your lifestyle and risk tolerance.
Financial Health
Financial Health Score
49/100 Grade D
Reserve Balance
$4,800,000
Deficit/Unit
$35,135
Monthly Dues
$520
Fee Trend
11% increase year-over-year
Score Breakdown (7 Dimensions)
Recent Special Assessment
$125,000: Exterior waterproofing program (2025). Per unit: $845
Building Condition
Recent Major Repairs
- Exterior painting program (2025)$1,200,000
- Elevator modernization (2 of 3) (2024)$340,000
- Pool deck resurfacing (2024)$85,000
- Fire alarm system upgrade (2023)$125,000
Upcoming Capital Projects
- Parking garage waterproofing (2026-2027)$350,000
- Elevator #3 modernization (2026)$170,000
- Roof replacement (partial) (2027)$280,000
- Common area HVAC replacement (2027-2028)$195,000
- Lobby and corridor renovation (2028)$220,000
Deferred Maintenance: None identified; board is actively executing capital plan
Envelope: Exterior painting completed 2025. Waterproofing scheduled 2026-2027. No active leaks reported.
Mechanical: 2 of 3 elevators modernized. HVAC replacement planned 2027-2028. Fire systems current.
Reserve Study Summary
% Funded
48%
Risk Level
Medium
Deficit/Unit
$35,135
Study Level
Level II (with site visit)
Lending Implications
- Below Fannie Mae 50% minimum for conventional financing
- FHA may require additional review due to pending special assessment
- VA lending may be restricted; check with lender
Insurance Overview
Master Policy: $45,000,000 coverage
Annual Premium: $280,000 (up from $195,000 previous year)
Premium Change: +43.6%
Per-Unit Exposure: $1,689 if deductible fully assessed
Deductibles
Coverage Gaps
- No separate flood policy (property not in flood zone but adjacent)
- Earthquake deductible is 5% of building value, resulting in high owner exposure
Rules & Restrictions
Pets
Up to 2 dogs and/or cats per unit. No livestock, poultry, or reptiles. Aggressive breeds may be restricted after notice and hearing.
Rentals
Long-term rentals allowed subject to HOA rules. Short-term rentals (Airbnb, VRBO) prohibited. Lease must be provided to management.
Smoking
Prohibited in all common areas and within 25 feet of building entrances. Permitted inside units only.
Parking
1 assigned space per unit. Guest parking limited to 48 hours. No commercial vehicles, RVs, or boats.
Noise: Quiet hours 10pm-8am. Construction/renovation limited to 9am-5pm weekdays.
Architectural: All exterior modifications require Architectural Committee approval. Window treatments visible from exterior must be neutral colored.
Fine Schedule
Governance Health
10 meetings analyzed | January 2023 to December 2025
Meeting Minutes Insights
Financial Decisions
- 11% assessment increase approved for 2025 budget (January 2025)
- Special assessment of $125K approved for waterproofing (March 2025)
- Reserve study update commissioned, results expected Q1 2026
Maintenance Discussions
- Exterior painting program: $1.2M approved, completed on time and under budget
- Elevator #3 modernization deferred from 2025 to 2026 due to vendor availability
- Parking garage inspection revealed waterproofing needed sooner than projected
Owner Concerns
- Package delivery management: Luxer One system approved
- Guest parking enforcement: new permit system implemented
- EV charger installation in garage: feasibility study in progress
Recurring Themes
- Insurance costs discussed at 6 of 10 meetings; board actively shopping alternatives
- Reserve funding adequacy raised at 4 meetings; board aware of underfunding
- Noise complaints between units: 3 incidents resulted in fines
Legal & Compliance
Active Litigation: None
State Compliance (California)
Federal Compliance
Cross-Document Insights
These insights connect findings across multiple documents, something single-document tools cannot do.
Reserve study shows 48% funded + meeting minutes show board aware and actively increasing contributions. Trajectory is positive but slow: full funding projected in 12+ years at current pace.
Insurance premiums up 43% + high deductibles + recent waterproofing assessment suggest water intrusion is a recurring building issue. Board is addressing proactively.
No deferred maintenance in reserve study + active capital spending in meeting minutes = board is executing repairs rather than deferring. Positive governance signal despite tight finances.
CC&R has no annual assessment increase cap + board approved 11% increase. No legal ceiling on future increases, so buyer should factor this into affordability planning.
Red Flags (11)
Questions to Ask the Board
- 1What is the timeline for the next reserve study update, and will it recommend a special assessment?
- 2Has the board obtained competitive insurance quotes to address the 43% premium increase?
- 3What is the current delinquency rate on HOA dues, and are any units in active collections?
- 4What is the estimated cost and timeline for the parking garage waterproofing project?
- 5Are there any plans to implement an annual assessment increase cap via CC&R amendment?
- 6What is the status of the EV charger feasibility study, and when will installation begin?
AI Chat Assistant
Ask questions about any aspect of the property analysis. Here are some sample exchanges:
Unlimited AI Q&A with Premium
Ask anything about your property's HOA documents. Get instant answers with source citations.
Investment Considerations
Rental Status
Long-term: Allowed | STR (Airbnb): Banned
Minimum lease: 30 days
Restrictions
Age: None
Rental cap: Not specified in CC&Rs; confirm with management
Assessment: Moderate restrictions
Long-term rental income potential is solid given the Westwood location. However, the STR ban eliminates Airbnb income, and the absence of a rental cap means the board could impose one via CC&R amendment. Monthly dues of $520 plus the underfunded reserves make the carrying cost higher than typical for the area.
Free Tools vs Premium Analysis
| Feature | Free | Premium |
|---|---|---|
| Documents analyzed | 1 at a time | All (8+ types) |
| Cross-document insights | -- | Yes |
| Property health grade (A-F) | -- | Yes |
| Financial health scoring (7 dimensions) | -- | Yes |
| Governance health metrics | -- | Yes |
| Fee comparison vs regional median | Yes | Yes |
| Red flag detection | Basic | Comprehensive (cross-doc) |
| State compliance checking | Yes | Yes (expanded) |
| AI chatbot Q&A | -- | Unlimited |
| Source citations | Yes | Yes |
| PDF export | Yes | Coming soon |
Ready to analyze your property?
Upload your HOA documents and get a comprehensive AI-powered analysis. Start with our free tools, no account required.