BRRR - Difference between Appraised and Assessed Value

[Nick Verhein]

In the process of ramping up on the BRRR process and am building out a model for use in evaluating opportunities rather than using pre-built calculators, templates, etc. I'm currently evaluating an opportunity where the assessed value is much higher than the current (dilapidated) value (in this case listing price). I understand assessed value and appraised value are different - my question is how much can you (or not) rely on assessed value as a proxy for what the appraisal value might be after rehab work? Given this property needs quite a bit of work, I'm assuming the assessed value is dated (despite using the 2019 assessed value from the tax report), but if this property was at one time assessed at 'X' (nearly 2x greater than current listing price), can I assume that this property could potentially be appraised for a similar value after I do the necessary rehab? I know comps in the area, rehab and other variables factor into appraisal value, but just curious if anyone has come across this sort of situation. Thank you in advance!