This. I'd joked that my fantasy was to retire to a house on a lake, but when DH and I downsized we found one in our price range- Kansas City area (definitely no alligators!) backing up onto a 3-acre lake, beautiful views from the kitchen, master BR, downstairs BR and the enclosed back deck. The lake was small enough that powered watercraft were not allowed- very important to us since we didn't want the noise. We grabbed it for $256K.
Well.... the lake was formed by an earthen dam that's over 70 years old and it's leaking. Water level has dropped by 6 feet or so but it's stable. For now. We can't get anyone to recommend changes and quote the work- it's only 46 lots, so we're small potatoes and they don't want to deal with private property. (State and municipality have both said it's not their problem.) At the very least, the lake will need dredging within the next few years. The price of that will go up because the laws now require that dredged material be tested for toxins and if there's anything unacceptable it must be remediated before dumping. Even now, we're spending a lot to control algae on the lake. We have reserve funds but will probably need a special assessment for major work.
I'd still buy this place again. I love walking between the kitchen and the BR and seeing the magnificent views of the lake. I won't be thrilled with an assessment but I have the resources to handle it, but that's more than I can say for many of my neighbors. We did a survey last year and, when asked what assessment amount would be difficult for them to pay, half said "any assessment" or "anything over $1,000".
We have quite a few retired civil servant types and I think they mostly rely on pension income.
I agree- do your homework!