I am not sure about New Jersey, but where I am from you have the right to see the HOA books which are audited yearly when you are going to put in an offer. I would inquire about those because there seems to be serious shortfalls in the monthly fee for having constant assessments or the place just isn't built well.

I know some buildings will keep the fees low to make the place look attractive and then things fall apart and lead to the 10s of thousands of dollars to repair.

For reference my place in Ontario Canada has a $605 HOA fee per month with more than $1.3 million in the bank for operations and to cover repairs suggested by engineers who audit the structure every few years. My wife and I spent a lot of time investigating the buildings we were considering purchasing because a lot of things are outside of your control.