That's a good assessment Bob.

Assess risk. 

The Pacific Northwest is competitive, so leveraging those connections can be a game-changer.Second, when analyzing deals, ensure you’re building a framework to assess not just the property’s performance today but its future potential.

As a self proclaimed rookie, I recommend starting by conducting your own initial assessment of the property.

How do I make this assessment?

The city screwed up and liened Direct Charges on the common area which has an assessed value placeholder of $1. 

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. 

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.