HOA Fees

How do you landlords figure HOA fees into your cash flow analysis? I’m talking townhouses not condos. Are they part of the 50% of rent operating expenses? Or just an additional expense. Seems if the assoc. handles a significant amount of exterior maintenance it should be worth something?

Also how about townhouses vs. sfh’s for overall maintenance expenses? Do you find townhouses to have less maintenance expense?

Thanks, Mike