The appealing aspect here is the ongoing population growth and other economic factors.

I do not know the answer but I would suggest you not rely on the anonymity aspect of anything today.

(even if it's a previous LLC)I am eyeing a property in my hometown. 20-units, all 2bed/2bath, new roof, water heaters and exterior paint.

Home prices shooting through the roof because, cheap-$ right.     

Most newer investments who think they're purchasing a property well below market price are NOT; most likely they aren't accounting for some negative aspects of the subject property.

Consider Consulting a Professional: If you’re unsure about any aspect of property taxation or need assistance with assessment appeals or tax planning, consider seeking advice from a qualified real estate attorney, tax advisor, or property tax consultant.

^^^^^^OMG THIS RIGHT HERE^^^^^^^^^^^^^^^Nothing to add to this but maybe pin this post to the top of BP as it relates to all aspects of real estate. 

There is a newer metal roof. 

Similar to if you hired a company to replace a roof-you don't have a copy of the bill for all of the shingles and nails, but you have a copy of their bill that has those effectively built in.

Central AC, new windows, paint, fixtures, landscaping, roofing, flooring, major plumbing improvements, and more What was the outcome?