If they say "you are right" and lower the land value to $900K and raise the total value to $2.0M that was a very expensive reassessment.Most tax assessments are fairly close to garbage.  

And from there, without the "property management experience" you get garbage in, garbage out.And saying that it is the top thing to be focused in only causes investors to chase the highest projected returns.  

These have been outlined in a number of posts here and on many BP podcasts, but to summarize, you need to first determine the cash you expect to have coming in (rent, pet rent, laundry, etc) and the cash you expect to have going out (PITI, utilities, garbage, maintenance, capex, vacancies, property mgmt).PITI, utilities and garbage can be considered "fixed" expenses that can be accurately determined ahead of time.

Now keep in mind this place was only rented for 1 yearDamages and estimated cost of repair:Walls / Cabinets covered in magic markers(over 75 different places with multi colored magic markers and crayons throughout house and in cabinets) $1035.00( Estimate from my painter)Stained vanity sink with red hair dye 50.00Broken shower curtain rod for claw foot tub 54.00Garbage removal from under appliances and in heating vents(packed with garbage) 25.00Dog damage to paint on door 25.00Stuffed food in electrical outlet 5.00Damaged heating vents x 2 30.00Ripped/slashed/painted stools 25.00Missing toilet paper holder 3.00Non cleaned over 10.00Re paint kitchen island (Market Damage) 50.00Rusted appliances from slime sitting on them for a year- 50.00Stained LVP 10.00Chipped Granite 10.00

With all units at market rents it's $598/month cash flow and 8.78% CoC ROI.For the calculation I use 7% vacancy, 10% maint, 10% PM (will be using a PM), 5% CapEx, actual utilities (owner pays sewer, garbage, lawn/snow), actual insurance quote, stated taxes, actual mortgage payment.Do the number need to meet my standards day 1 or can I get there over the next year or two and it still make sense to do this deal?

You need to know who pays the gas, electric, water, sewer, garbage, lawncare/snowplowing etc.

So don't sell me these garbage bank bailouts were necessary and struggling BECAUSE rates were 0%??

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:How to “Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!

Plumber fixing toilet and garbage disposal another $300.

The property is vacant with just some garbage left behind elsewhere in the home.