That's why you take a pro through the house so they can assess it.

@Amy Spransy you do not need to worry about the Junior Liens, I have purchased around 40 properties at sheriff sales over the years and I have never had an issue with Juniors, you are responsible for back taxes if any, and this years accruing taxes, Municipal charges like special assessments, back water bills, Noxious Weed Cuttings, or city snow removals. but other than that you should be good to go, Oh you are also responsible for Occupancy, like if the borrower or a tenant is living there, and there is some debate regarding value of personal property left behind, but thats up to you to decide. 

What percentage of the Assessed value are they funding? 

The fact that you felt the need to bring up your MBA and your income leads me to believe my original assessment was right on the money.

The mortgage info states 155k and assessed at 28K.

I assume the number will also change if the purchase price is much higher than the assess value from the county.

I have run the numbers, built models, evaluated pro-forma, but I am still nervous about my assumptions and my assessment of the market condition.

If the association is underaccrued for a big expense, you will end up staring at a 5 figure plus one time assessment when they need to replace the roofs or whatever.

When having to assess a property (what I should be paying for the land considering the work involved, how much to scrape and build new, assessing civil engineering costs, etc...), is there some kind of a formula to determine if it's worth moving forward?

After doing a bit of research, it seems that a lot of folks are asking well above the assessed value, is that common in this market?