I'm not really worried about the risk assessment unless it relates to the taxation aspects.

We have houses like that in Atlanta where you can buy real cheap but the taxes are over 3k a year that are selling for 8k based on inflated assessments of 150k 3 to 4 years ago.

My contractor went there, after giving her notice, to assess the damage.

[I do recognize that we're normally buying properties at way under assessed value, and there may be a lag on tax relief as we pursue the appeal of the assessed value.]Secondly, they *should* subtract the P&I from the net operating income derived above, and your net positive cash flow should then flow to the income (denominator) of the ratio.

It is assessed at 92K and was first list at 79K about 2 months ago.

I haven't dealt with a probate purchase, but I don't believe your assessment is necessarily true.

I told him the reason I didn't want to go above 16,250 was because I didn't want the loan to be sent back to risk assessment or underwriters because of the increased down requirement, thus cutting into the buffer required BY the underwriters for 6 months mortgage & repair costs.

Personally, I would be more concerned about buying a condo that was made with "shabby work".Also, does the HOA have funds saved to cover the costs of litigation, or is this going to get passed on to the condo owners with a special assessment?

Because our supplemental tax bill actually had a negative amount, we received a refund check after our property taxes, based on the old assessment, were paid.

Keep looking and fully assess the risksGood Luck!