In general, it is always good to look at the taxable value every year for your property while you still own it when the tax statement comes.If you feel you can support a lower taxable value with sold comparables that are like your property nearby, then it is worth your time to try to dispute the value.It is true there is a very short timeframe to schedule a time to go in and dispute the taxable value with your local property tax assessor usually and the deadline is printed on the annual tax statement.The reality is real estate does not always go up in value.To your success!

If you can find value add and negotiate accordingly, anything listed under 400k remodeled should move very quickly in this area.

Cost of cleanup could exceed the value of your property and your insurance isn't going to cover you.Heck just look at recent threads in this forum and you can see one guy's crazy tenant is suing him for 4 million....most of us won't have an umbrella that high even if it is covered.

At some point you can't repair things anymore, you have to replace.Your rent is somewhat based on the current FMV, not on replacement value, which means long term your capex will exceed cash flow.

@Emily Ruiz in a market like that in TX it is worth the risk in my opinion because those values are going to continue going up at a faster pace than most others over the next 10-15 years.

One of my neighbors met with me the other day, who is retired along with her husband and they plan to sell their paid off 5Br with completed basement house valued at $750K in the same neighborhood and buy a smaller unit near Warner Robins GA.

The rehab budget cannot exceed the purchase price.For a lower-value Detroit Purchase + a 50% rehab budget, say $50k purchase + $25k rehab, the following type of loan scenario would be a possibility:

This product generally requires an LLC set up and there's financing up to 90% of Purchase Price & 100% Rehab with up to 75% of ARV / after repair value. 

Pick a type of property you can afford and think about making money through rent, the property's value going up, or both.

Bank How did you add value to the deal?