I'm under the assumption that a property being sold with a 30yr old roof in need of replacement would be valued (or even assessed) at a lower amount than the same exact property that just had a 30yr roof done?

You get in for less than an assumption or an assignment might be.Bob 

IE the market sees a REO, so the assumption is its a deal no matter how absurd the price.

Here's the low down:250 Units, Evansville, IN | Class C+/B- AssetAcquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% Equity Raise: ~3.1 Million (our own cash + limited investors as well).Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

Here's the low down:250 Units, Evansville, IN | Class C+/B- AssetAcquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% Equity Raise: ~3.1 Million (our own cash + limited investors as well).Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

It's important to do modeling and run sensitivity analysis to stress test your assumptions.  

I asked the seller to refi. for the purchase price subject to one-time qualified assumption with release of liability.

I'm requesting sales and net income for the past 10 years to confirm this assumption.

My assumption for the impact - depending on how bad it's gonna hit.Even though Tampa is more prepared for storms than Texas(Texas has only 15% of owners insuring for flood damage !

I read a few posts from John Anderson yesterday, and it seems in all threads he was misunderstanding things, making assumptions, and negative with no solutions spoken of.