In some cases, I agree with you. Townhomes that were originally built to be rentals, of which we have a lot of down here, are crap. They weren't built with the concept of 'long term living' in mind. Even some of the regulars sucks ass.
If I had one where all I saw were my neighbors out the back window, no way I'd get one. I got lucky with the fact that it's nature preserve behind my place. Technically, it can't be built on, ever. I also got lucky that the place was never owned by anyone before I bought it, so I'm the cherry popper on it. What I'm paying for it, + HOA, is only $200 bucks a month more than what I was paying for an 1100sq foot rental just before, and that place didn't even have a garage.
including the HOA thats a pretty good deal.
My mortgage is less than 200 more than my rent was too, its awesome.
650 sqft apt >> 1600 sqft house and 2 acres (including prop taxes, insurance, etc) for less than a 200 bucks increase.