Help w/ 1st Potential Deal

[Derek T.]

Good Evening All, I really need some insight into this potential deal. This would be my first investment deal other than my primary residence and another residence that was left to me in a trust. I bought my previous residence really young at the height of the boom to get in (and let it appreciate) and now it has lost a lot of equity so I want to make sure I don't make the same mistake this time around.

My strategy is a buy and hold strategy for long-term passive income. I attend the local REI clubs and getting a mailing list and this property is on it. It looks like a good deal however I have some concerns as well.....

Type: Townhouse
Built: 1950
SF: 710 (lot 2100)
Tax Assessment (2011): $134,000
Tax Assessment (2012): $50,000
Zillow Zestimate: $80,000
Average Rent: $1,100-$1300 (low based on rentometer/high based on zillow/comparables are some where in between)
Asking Price: $43,000
Unknown: Don't know about HOA fees or assignment fee

My main concern is that it was recently renovated however now it is being wholesaled. The assignor is saying it doesn't need any work done however I would get it inspected. Also I am concerned with the drastic change in the tax assessments a year from each other when much hasn't changed in the market. I have seen similar houses sell from $70,000-$90,000 however I have also seen similar houses sell for $30,000-$40,000 (however these were in much worst conditions). The neighborhood is a working class neighborhood that isn't great but not a war zone either. It's on a main street, right by a mall with lots of public transportation. It looks like a decent cash flow opportunity however the renovated/wholesale thing is concerning me plus the tax assessments. What do you think?