When I'm looking at a property's tax history, usually it's a percentage of the assessed value.

So you will retain the lower basis on your 25% share, but the other 75% will be re-assessed at market value when the deed records.  

Ultimately, it's a self assessment. 

If seller financing is out, agree on a price that will enable the landlord to pay the $30k assessment out of your sale proceeds. 

The assessed value is NOT a good indicator of true value. 

There are 4 people at the board, 3 of 4 are people working for the investor's company.A few months ago, after the annual board meeting, the board propose and approve a special assessment for $2200 of each unit. (3 out of 4 people voted). 

I put bids together up to $1million so I'm pretty good at breaking down projects and putting together fairly comprehensive scope of works. 

Real estate in Wake county NC is 'worth' $135B based on assessed value(2).

My comprehension skills aren't the best.

Here were some of my conclusions:Rent seems reasonableThe price is ~8% higher than the median home value in the area (I prefer homes in the 70%-100% of median range)Trailing 5-year average appreciation rate for this neighborhood has been 0.59%35%+ of the neighborhood rents (I like < 25%)Crime is not greatSchools are not greatLast tax assessment was $5,308 vs. the pro forma's $4,680Insurance might come in higher than the pro forma based on the neighborhood profileMy data suggests vacancy & turnover is an issue in this neighborhoodThis provider also offers a 1-year rent & maintenance guarantee, so their pro formas don't include allowances for vacancy or maintenance.