The tax assessor has a year from the date of transfer to re-assess the property at fair market value.

Hello everyone,I am fairly new to the world of real estate and property management world.I am currently 50% into finishing up my pre reqs for my real estate test in California.Also state wise I am a working an functional business here in California.

or is his 140 offer fair?

Duplex--ea unit is 2+2 about 998 sf; fair market rent is $1000 to $1100One unit has been totally remodeled---the other is a mess with a long time renter who is a hoarder and only pays $500;Listed with agent who can be let go anytime;Price is in the mid 130s Closest comp is $165k (.24 mi) Another within .3 mi sold for 155k2 more comps within .5 mi range @$155-160 and are newer.I am thinking to offer $107ish: 75% of fmv of $160ish minus 10k to remodel the bad unit and 3k for the eviction stuff (I HAVE NO IDEA what it costs to evict a tenant--I was just guessing it would take 3 months)then:evict tenant, rehab the bad unit for 10k, rent units for $1000.

Your property is inspected and approved, based on local rents they will tell you what the place qualifies for, you can charge more, but the tenant can't pay more than 33% of gmi and yes, you don't have to rent to any applicant, you can reject applicants so long as you do so legally and fairly.

So in your opinion is this a good, fair or lousy deal??

While I have been involved in real estate since 2009 when I acquired my 1st investment property back in college, I still consider myself fairly new to real estate world as I am still learning so much.

Since I'm picking my team, it's only fair that you pick the charity.

The 3rd was with a different bank (Grand Bank/ICON) and the fee's were higher and appraisal was required but it too was fairly smooth.

But the question posed was how can we clean it up....I think.Well, follow the lead of the good ones, begin underwriting the deal, asses the real risks involved, employ tatics to reduce or eliminate identified risks, and assess the value truly given and charge fairly for the real risk assumed.