If so, why? 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

@Yoav Schatzberg Step 1 is to compare it to prior year P&L. 

Thanks in advance for patiently answering my question.PS: I don't have a CPA, and I'm in the process of getting one, but I wanted to get a frame of reference so I can roughly compare notes with anything my future CPA would propose.

Conduct a proper valuation by comparing it to similar properties in the area, considering both current and potential future values.

Items you will be asked for will be:Address:Purchase Price:Rehab budget:Estimated Term needed:Estimated ARV:Square Feet:Configuration (Bedrooms, Bathrooms):Rehab short description:Explain why this is a good deal:Your history in real estate (including number of flips):Any other comments about the project:Include a Property Data Sheet (MLS Listing, FSBO Ad, Auction Listing, etc)Also include a minimum of 3 Solid Sales Comparables – preferable realtor generated*Once all of stage one above is sent in it can take up to 24 hours for approval to move on to stage 2.Stage 2 on the following page.1Page 2 of 2-Stage 2-After initial review we’ll need the following items sent to processing (Note: all costsat this point are your responsibility & don’t guarantee funding):Inspection from a professional inspectorBPO or Appraisal (Please see guidelines below for a BPO)REPCDates: Inspection Period, Settlement DateDetailed Renovation Budget from 3 contractors (please tell is which contractor you feel best about using)More info may be needed as we move forward, it depends on the best structure for the deal*Once all of stage 2 is submitted in will take a few hours to review and if everything is approved it can take upto 10 business days to close.BPO Guidelines:Please do not use your buyer’s agent to do the BPO.

Prices here still seem unreal compared to other areas. 

Thankfully we were able to transition to running a paddle board rental company and doing construction work, which was a great change compared to being trapped at a desk all day solving very difficult scientific and engineering problems!

It has been partially demolished and they are adding a host of unsightly industrial bldgs comparable to an Oil Refinery.  

(Compare it to your last repair bill)  Then I would dig deeper into the claim.