Also I did see on the auditor site that the last tax assessment was $80,000 and realtor does have it valued at $121,000.

Hello @Dustin Nygard,I am glad you are looking at the taxes before buying a property, It can be a deal breaker or a deal maker in El Paso, It all depends how the city has assessed it.

Thanks for the push.I always walk the property and neighborhood before I buy so I can assess what I am getting into.

There is a shortfall of 200K, I expect there would be special assessments / condo fee increment in near future. - Is water leakage (due to risers) in condo buildings a severe issue? 

Some counties will allow you to appeal the tax assessed value with no guarantee of an adjustment.  

Tough to say in this case you gotta know everything down to the dollar and also assess both your skill levels of executing the rehab and then deal with the sale.

What if the HOA increases the fees or has a special assessment?

A water restoration company assessed the damage, ripped up the floors and drywall and have found excessive amounts of black mold in the kitchen and main hallway.

@Joy Funt sometime in the future there will be a special assessment. $50 per unit will not cover all exterior expenses.

You can perform a cost segregation study on each parcel using various methods such as assessed value, net income (estimated net income), sqft of building, sqft of lot, or a mix of building and lot.