High taxes, low purchase price...can it be profitable?

[Patrick Moore]

Is there a way to make this deal profitable or should I stop trying to put this puzzle together?

I’ve been watching this multi family on the market for some time now. It was up at 220k+ now it’s down to 104k.

There is a coach house with an additional 2 units. The city says it has to be demolished because it is no longer grandfathered in.

Is there anyways around this that anyone is willing to share? Can I split the lot possibly?

Next hurdle is the high taxes

The taxes are at 18k.

On the county website they have the value at 498k.

I talked to my property tax guy and he said he could get them down to somewhere between 8-10k.

How long would that take? Would I have to still pay the high taxes until I get them appealed and reassessed? Can I roll the holding costs into a 203k conventional?

Thanks for any help!