What other key factors should I look into?

There maybe other non financial factors that weigh into your decisions that must be considered.

This can even be  a factor if use or distribution took place on the property.I'm looking forward to hearing your experience!

This is my first property (well attempt anyway) and once I saw the closing costs, it completely blew my budget because I literally saved forever to get the downpayment and somehow it didn't occur to me that the downpayment doesn't cover closing costs... 

So the appreciation factor is alluring as well. 

It's mostly just about the numbers.The most important factor is the debt-to-income ratio which determines how much you can afford. 

One factor that I don't know enough about is the potential change to my property tax- I'm assuming that the property gets reassessed, but how does the new value get calculated?

I want you to get rich in real estate, but this deal sounds over your head, but we don't have all of the facts/factors. 

But even with that factored, I would jump on that deal if it were me.

Once you factor in all those expenses, it becomes more tricky to find a property that is going to cashflow well and make you a good return.