Y or NO on Invst Prop in Tx, lists as4b/2b but tax REC show 2b/2b

[Naveen Desai]

Hi, 

   I am looking to buy a property in TX which is listed as 4b/2b, but tax records show the property is 2b/2b.  For anyone looking at the house it does look like it is a 4bed/2bath as the garage was converted into additional 2bedrooms and looks like without permit.

What would be implications of buying this property.  It is in DFW area, Tarrant county.

Also the appraisal company appraised it for value, but stated it to be 2 bedroom / 2bath house. Also the sq ft size of the house has discrepancy in records both in Tax records, and what the appraiser's perception of living area is. 

The other thing is property already has tenants and paying almost the upper side of rent range! 

The main factor for me, if I try to correct the tax records, it might end up getting into higher tax bracket  and it may not be attractive investment anymore, but the big question I have is, will the city/county put it into higher tax bracket if we increase number of rooms and dont have to increase sq ft size at the tax records?

Appreciate your advise and also - as an investor, what would you do?  Thanks.