How risky is this condo? Take the 5-question screening.

How the score works

The five questions weight known risk drivers in condo and HOA ownership. Each answer adds a point value to a raw score that buckets into Low (under 20), Moderate (20–45), or Elevated (over 45). The scoring framework is intentionally simple — five questions cannot capture every risk that lives in the documents, but they can tell you which documents to ask for first and what to look at when you read them.

State

Florida adds the most weight. The post-Surfside legislative regime — SIRS, milestone inspections, mandatory full funding — creates more statutory exposure than Texas or Arizona. Texas adds moderate weight via SB 711 and reserve voluntary-ness combined. Arizona's voluntary reserve framework (ARS 33-1260) means the documents can disclose very little even in a well-run association, which is its own risk category. See the Florida post-Surfside guide and the Arizona condo and HOA guide for the underlying frameworks.

Building age

Older buildings have more replacement-due components. A 35-year-old condo will need roof, plumbing, elevators, and exterior coatings on its current depreciation cycle. Florida's Milestone Inspection regime triggers at 25 or 30 years depending on geography. Pre-1990 buildings often have not been through a full reserve-study cycle that anticipates today's repair costs. New buildings carry developer-transition risk but rarely face near-term capital pressure.

Unit count

The 60-unit threshold matters in Texas (SB 711 website transparency requirement). The 50-unit threshold matters in Arizona (ARS 33-1260 reserve-balance disclosure). Smaller associations face the opposite problem — they may be more nimble but have less margin for a single major capital event.

Recent special assessment

A recent assessment is ambiguous on its own. It can signal an association that has now addressed its biggest gap, or it can signal a pattern of compounding shortfalls. Either way, it raises the priority of the meeting minutes review — which is where the pattern shows. Cross-references between minutes, budget, and reserve study are the heart of a real document review.

Reserve study in hand

If you do not have the reserve study, you cannot meaningfully assess capital risk. In states without a mandate, the seller may not have it. Asking is the next step in any document workflow. Without it, you are guessing at the largest single line of association financial obligation. See the condo buying checklist for the full document set you should request.

This screen is directional. Five questions cannot replace a real document review. What it does is point you at the documents and the cross-references that matter most for a property with this profile.