It is a growing progressive city with all sorts of job sectors that support it.

If you had an opportunity to get a property for $60k that current tax assessment is $175K and once renovations are completed could be worth over $200K because of the area:Would you buy it? 

If it is not paid, can late fees be assessed? 

However I would urge you to assess your long term goals, see how REI fit's in and take action accordingly. 

Look forward to hearing about your progress, good luck!

A lot of people have asked me about doing so in AZ - I'm eligible to get my Broker's license in November at my 3 yr mark for being a Realtor so that is something else I will continue to learn and progress with.

So is the penalty assessed for either a ReFi or a Sale under the loan term?

A work in progress...

This is one of many reasons why NOI divided by cap rate does not really work.Typically I am modeling various capex spending across the years, i.e. the property condition assessment outlines $200k of issues, $100k is needed immediately, $50k yr 2 and $50k yr 3. 

Low reserves means you will pay high HOA fees/special assessments when capital items start failing.