Numbers are based on a price paid for the property.  

I'm worried that i will purchase something based off burning a hole in my pocket and not for the sake of being a good investment (mentioned above already). 

Based on my experience, it’s often not worth the time and expense because appeals frequently lead to no change in the tax assessment.

Though, if your client base is nice retired people, it probably won't matter.  

I'd assume all vanities, lower cabinets, 3to 5ft of drywall and base will all need replacing. 

I do think you need a separate entrance option or at least two entrances in a four-plex to make it easier on the LTR tenants, but if you are open about it form the start, everyone gets it and you choose the unit composition based on which ones will be STR or MTR.

What is advantageous is someone that is good at underwriting and unbiased (only analyzes the deal based on the underwriting without other emotions).Note i have a fair amount of experience and plan to place a competitive offer tomorrow that the underwriting dictates not placing a competitive offer.  

"@ Frank ChinIn this specific instance, it is undeniable that a house was built on that property more than 15 years ago simply based on Google Earth data, but you can see by the county assessor records that the house on the subject property was built in 1950 and then the property encroaching was built over the property line shortly thereafter, in 1951.@ Matt Devincenzo,From the info in your post, the land does not seem to have officially been taken by AP.

Currently, based on Altos Research, inventory is up 10% YOY and this has put pressure on median list prices which are down 5% YOY.

This will be based on the personal details of your business.