That's a good assessment Bob.

you will need to look at the APN of the property and line it up with what you actaully bought. as mentioned the tax assessed value is not an indicator of value. the land could be a utility easement, used for stormwater management etc.

It is assessable only via boat.

I could use gross income or have the property assessed for assets and it would come out to at least $1M.

I admittedly have a bias against condos for the following reasons:1) HOAs - both a lack of control over fees and assessments, as well as potential regulation changes2) they don’t appreciate as much3) you have to work a lot harder to differentiate yourself from your neighbors. 

From there, it's normal DTI/Credit/Cash assessment for the new loan to determine whether you can afford the loan. 

Although you plan on having your mother live in the home to start you'll want to assess the home using the current rental rates and values in the area.

Often when buying properties you will be looking at and assessing a number of properties before making an offer.

However; investors also bear a responsibility to sufficiently investigate the contemplated investment, to assess whether the investment is appropriate for them, and to know or learn enough about personal finance to evaluate whether or not they are able to sustain a loss without undo strain.  

@Akil MitchellFrom my experience, when buying a property, it's crucial to assess local building codes, potential de-conversion costs, and permit requirements.