Does that affect your assessment? 

This week someone from the building department and someone from the fire department will accompany me to the building and allow me to see inside, however I can't walk the property on the inside with my GC to assess the condition, see the scope of work and see the layouts. 

Tax assessor has it assessed at $51,000.00. 

In the Property tab, use:- Property Type = SFR and/or the typical house types you are looking for- Equity % = at least 40%... 50% or higher is good- Total Assessed Value = the ARV range for the properties you seekUnder the Options tab:- Select Owner Occupied Status = Absentee (we use both in & out of state)From there, use filters to help you get to the size list you want, such as:- Property tab >> Length of Residence, Last Market Sale Date, and/or Year BuiltYou may discover that some filters are not available in your area.  

But, turns out you can only spend 50% of the house assessed value on rehab, else you trigger federal regulations around the work.  

Once you have more information you can share I can better assess the opportunity. 

Owner took out a mortgage in 2013 for $68k for the purchase of bothCondo association filed delinquent assessments on 3-24-15 this year for Floors:1, 5, 4 & 11 -- not sure why they did not file on some of the others - per my understanding the original developers are not paying either, however thats probably a moot point since it would be like attempting to get blood out of a turnip.Taxes per floor range in cost from $2700-$5100 -- the ones with lower assessments went and argued with the appraisers office once they bought out of foreclosureSpecials payable until 2023 of $4421 per floor  (once this is done - helps a bit with cash flow -- specials were used to change some windows, make street level improvements and upgrade the heating/air)Last Income statement I could get my hands on was from 2012 -- Expenses per floor at that time (doubt it's changed much except the owners association dues are likely higher to make up for the shortfall of the other deadbeats)Monthly expenses of $2500-3100I believe the mgmt company is ripping the condo owners off - charging $3575 per mo for the building for building maintenance, $3046.23 per mo for janitorial, $3300 per mo mgmt fee -- these are some big ticket items I could see cutting back on.So rough financials per floor per mo****************************************$3383      per mo rent (5800 * 7psf/12)   (676)     20% vacancy allowance   (643)     general/special taxes   (2600)     rough avg expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------(536)       rough loss per mo on a worst case scenario$4350 per mo rent (5800 * 9psf /12)   (652)   15% vacancy allowance   (643) general/special taxes    (2600) rough expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------455 cash flow per mo on a better case scenarioWhen you put pencil to paper this is not a good deal as it sits presently, however per my understanding - if every floor owner (or if the expenses for the building) were truly spread out over the 11 floors and all 11 floor owners (or one joint owner) was paying their share the monthly expenses could be cut quite a bit.  

Even with the assessments, it almost cash flows.

I would assess them based on his comments, and then think about incrementally raising the rent.

Or an if possible financially comment.2) if your furnaces are from 1984 or that far in the past era-ish, new units today use a different coolant and I understand that they old/new are not compatible with one another so adding a brand new ac to an antique furnace probably won't work from the very start which means you're looking at a change out period.