I incorrectly estimated the ARV to be $73,000.

I incorrectly estimated the ARV to be $73,000.

If the seller stated in a disclosure what the zoning of the property was or that the property wasn't part of any historical district and it was incorrect then perhaps there would be some recourse even if the due diligence period had passed.

If done incorrectly you're robbing Peter (your retirement) to pay Paul. 

Everybody thinks AirBnB's will always make more than a comparable long-term rental, but that completely discounts the cyclicality of that business model, not to mention glossing over the much higher operational costs and efforts.Times are certainly interesting, but to say that SFR's and small multis are not viable is a very broad and incorrect statement.

From what I know, it is possible for investors to flood a market with capital which drives up pricing (over paying for property, incorrect appreciation assumptions etc) and/or can make deal terms much more restrictive (i.e. cash offers vs financing) which puts traditional owner occupied purchasers at a disadvantage in the short term however in the long term the market will correct for any errors and pricing will remain at it's market equilibrium.

Incorrect.   

It appears that the city’s online records may be incorrect and that the seller is unaware that, at least in the past, the property was at one time a legal triplex.

The only difference is that the Sheriff's office clerks don't know what they are doing, and if you ask them questions, they will likely ignore you, give you incorrect information, or refer you to their attorney (who will definitely ignore you.)Auctions are not for the uneducated or inexperienced.

You always can back up and go down the other path if you realize later you selected incorrectly.