Location is not generally too important as the initial cost will reflect the area.

All that happens in a reval is that your property is assessed to it's true market value, and the citywide tax rate is adjusted to reflect changes in assessed values.  

I just got a response from the Tax assessor reflecting what you both said: you can read it below."

Listing price only reflects what the seller wants to sell for. 

You neighborhood will reflect your tenants, which will reflect in your maintenance costs.

I would say you should ask a discount either to the purchase price or closing costs, reflected of current surrounding rental rates for the delayed time, and push back the closing date.

As for my other rents, the tenants have been with me for some time so it won't reflect current rates.My thoughts on LNG suggest it will ensure prices won't fall while its in the construction phase.

Now that the city has recognized a sale, I should be expecting a new tax assessment to reflect the latest sale price of 70,000$ correct?

I want to be sure that the ARV (Post repair assessed value) that you name above (150-155k) also reflects the changes.  

I added some extra space for data to reflect that.