After one year (some portfolio lenders will go to 6 months depending on markets) the cost or acquisition or purchase price is no longer used and they may use only the appraised value.I'd question the OPs valuation as well, while investors keep talking about "buying under market value" most often they are not, again, you may buy at a distressed value, but a physically or functionally distressed property most likely won't get past the appraisal for a residential conventional loan, may not in a portfolio loan as a residence......commercial residential, or purchase-construction loans, yes.

Will be much more functional once he adds his IDX search tool as you previously suggested.

My entire first floor is a modern functioning office, but I’ve never claimed it for tax purposes.

Not to divert too far, bankruptcy searches are conducted as a function of obtaining an abstract of title.  

My local property manager will oversee any necessary rehab and in the mean time, the property is fully functional (just beat up) and has tenants in place.  

Also use the timeline function to see the changes in the neighborhood), the number of sq. ft., any concessions they are offering, how long it has been vacant, do the owners have any other units, if so how are those doing?

I am assuming the entire upper unit (as a minimum) needs rewired, though I could not find active k-n-t on the other levels.2) HVAC:  At this point it is unclear if the boiler is functional, but I am assuming it froze and cracked.  

Most of you are looking for fast and easy, that doesn't exist in real estateEvery newbie says "I'm willing to work hard, do what it takes, learn the way to do a deal" no you're not, not really, you really aren't that willing to understand that building any business begins with understanding the business side, rules, ethics, obligations, how the industry is put together, how it functions or the basics of what you choose to do. 

All online "AI" estimates are functionally useless (though the Zestimate they can help with trend tracking). 

UPDATE:If you've had the opportunity to stop by the DASHBOARD, you'll see that we just launched tons of NEW IMPROVED functions!