That is far above the 1.39% tax that will eventually have to be paid on the assessed value.

It was originally listed for $225,000 which was grossly overpriced as it was independently assessed at $200,000 even.

Please keep us posted of your progress!

Evictions can take 4 to 5 months and sometimes more.And the taxes in cook county are through the roof.Houses assessed for 140k can run you 6k in property taxes.

Luckily, their assessment of the studs (these burly, rough-hewn hardwood from 1870) have survived fine, maybe 80%.

…I'm in the Dallas area too…hang around the site and you will learn a ton…look forward to seeing your progress !!!

My understanding for both NY and WA is that abatement and special assessment liens become part of the tax bill.

I've read through 10 pages of threads on conversions trying to answer my questions and haven't found the answer I'm looking for.Here's the background.Primary residence (from 2011) purchase price: $10kCounty assessment (structure only): $70kOnly about $2k in costs so far.I've been in the house for over 2 years, so I'm sitting on my $125k capital gains exclusion (house would likely sell for $50k as is)...

I bet that your buyer on that one figured the ARV to be more like $130K and the repairs at closer to $10K (Assuming that your assessment of what needed to be done is close) and that gives you a MAO of just over $80K.It seems super unlikely you are presenting any deals that have $60K profit in them.

I spend all my time in commercial and my ability to assess a residential property is about the same as my ability to assess the tea leave market in Tokyo...I could make some general assumptions based on investing principles but assumptions are all they are.