*********************************Here's some additional appraiser brain droppings, not included in the "brief response".Assess the important characteristics of the Subject property, in relation to the market.

Home inspectors arent qualified to give you a true assessment . 90% of what you mentioned could be addressed in a couple days of work 

I’m looking for some help on the new apartment assessment form in Lake county area of Indiana.

.• Property Condition: Assess property condition and potential renovation needs.• Rental Income: Determine potential rental income for each unit.• Expenses: Estimate operating expenses including property taxes, insurance, utilities, maintenance, vacancies, and property management fees.• Financing: Explore options like FHA loans, conventional loans, or portfolio loans.• Cash Flow Analysis: Use a tool or spreadsheet to calculate projected cash flow.Based on your estimate of $300 per month in cash flow, make sure to verify that this aligns with your financial goals and risk tolerance.

Additionally, It is noteworthy that the seller was a member of the HOA board at the time of obtaining this permit, raising questions about the legitimacy of the process.Though I am not currently residing in the apartment, I took the initiative to rectify the flooring issue in cooperation with the HOA, given the significant disturbance experienced by the current residents due to the subpar quality of the previous labor.Furthermore, short after I bought the unit, I discovered an assessment imposed on the condominium, which I was not informed about prior to purchasing the unit.

While consulting with a CPA is the suitable choice, I recommend compiling a comprehensive list of all your questions and finding a CPA with proven experience in small business and real estate.Based on my extensive experience, having been in similar situations multiple times, I've learned that the effectiveness of a CPA depends on the quality of the question I asked.

Consulting with both a real estate attorney and a licensed architect is crucial.The attorney can advise on the legal aspects of converting a cellar into a legal apartment, including zoning regulations, building codes, and the legalization process.The architect can assess the physical space, determine if it meets conversion requirements (ceiling height, egress, etc.), and create plans for a compliant renovation.The 2019 pilot program you mentioned wasn't permanent, and the high costs associated with it discouraged participation.

I've lost a lot of listings because I give the owner an honest assessment, they choose to list with another agent that agrees to list at a higher price, then they eventually sell at the price I said they would (or lower).The NAR lawsuit doesn't change what you pay or how you list.

Market circumstances might change, even if your intention is to flip the property, so think about your choices in case your initial plan doesn't work out.Market Analysis: To verify your predictions on future appreciation, growth in the rental market, or the effect of renovations on property value, do a comprehensive analysis of the market.Time frame: Evaluate the opportunity cost of having your cash invested in a non-performing asset and be realistic about how long you're willing to wait for the property to turn a profit.Investing in a property with negative cash flow can be a calculated risk under the right circumstances, but it requires a higher level of due diligence, market insight, and financial planning.

Investment decisions are highly dependent on each individual's assessment factors, period of time assessed, investment financing, etc.My current ROI is far far greater now than when first purchased.