Tax Assessed Value

[Kathryn Carter]

Being a newbie, I thought i might pose this question to the community. I am considering investing in a very small starter house. It was 2 bedrooms, but renovations turned the 2 small bedrooms into a large one bedroom, the idea was to add an addition of a second bedroom. However the owner didn't finish and bought another property. The tax assessed value is 40k, he is asking 55K. His explanation is the tax assessors have not been out to the home since he started the renovations. It appears the ARV for the area will be around 133-148K. I believe it to be a good buy, however the tax assessed value is low. Any suggestions??? Should I be concerned??

Thanks

Zekena