Further, even in a situation in which there is not a significant gap between the FMV and the taxable value, it is possible that the property could appreciate significantly more than 10% the following year, when reassessment would occur.

Sounds like the fence is in disrepair and should be replaced anyways The fence is weak because the rails of the fence is bulging inwards.

If the property is subdivided off of the parent lot, a change in condition will have occurred with a public need to change the zoning to match the rest of Apple Street.

This differs from the more common "Occurrence basis" where the policy in force at the time the claim occurred, is the policy that responds. 

Makes total sense that what you see on Zillow is well behind the actually things happening at the Council; that's the kind of intel I'm certainly looking to understand better.Any major topics occurring when it comes to development in the U of Indianapolis area?

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

When the bad outcome inevitably occurs you have the scale necessary to absorb the loss.

And when you say seasoned, you are referring to the six months the property has to be in your name before a financing event can occur? 

 - the op is talking unleveraged and unleveraged RE does not significantly outperform broad based stock markets often (meaning it occurs rarely).  

When reductions occurred this appraised value would remain the same, which was a great gauge in determining how many reductions the listing has had.