A duplex on a large lot would scream value add by adding additional units. 

I have people call me all the time and after a brief discussion, they'll always say something like, "if you find a screaming deal, send it my way."

Hit the market and find them a screaming deal. 

That still leaves a lot of room though...It seems like the appraiser is valuing things rather differently from you but I would double check a couple of things just to make sure you're on the right side of the argument before screaming and shouting like a banshee :) For instance, I have to assume that lakefront property might have a septic or well?

: HOA president is on his way out (selling in a month or two), and somewhat disgruntled and belligerent, and trying to claim fraud / misappropriation of funds / screaming at Property Management to fix it and not issue an "unethical tax on the community" I'm favoring the third option, but have no idea how to work with the the HOA president, or how to help convey the seariousness of the HOA's financial position to the community - because I'm fairly certain if I fight with Property Management to go for the special assessment, the HOA president will put some serious effort into riling up the community and convincing them that we're robbing them blind. -- he's a loud talker, commands attention, and probably has the most and deepest personal connections throughout the community (I'll add, he has admittedly done a LOT of work himself in helping to maintain the community, we are in debt to him for that -- he just doesn't appreciate the seriousness of long term financial issues, and now he's on his way out).One more kicker -- the third member of our Board, the Secretary, just resigned for family & health reasons, so it's only me and the president for the near future.Does anyone out there have advice? 

I think it is better to use the "come screaming in the office" approach for most people. 

To me it screams Newbie fresh out of a guru seminar.

You and your acct. need to run the calcs but a fed tax bill on this of $30K - $35K is not out of the question.I'm totally with you on the desire to pay off primary (I can hear the anguished screams of the "must use all equity" clan right now).  

I only buy screaming bargains, keep them up, try to get good tenants and keep rates below market so good tenants don't ever want to leave.  

He doesnt seem to have a firm handle of things at times, and today one of the contractors (there are 2 different ones on site at the moment) heard him screaming outside that he was going to burn the place down.