My guess is you meant "assessed for" In other words the tax assessment.  

This is the information I've researched & come up with so far:The city has assessed the home (btw it's a 2 bed 1 bath duplex) for $116Zillow assesses it for $135There's an identical duplex (needed no repairs) two houses down that sold for 83k in '98 & 80.5k in '12.

Also, your property taxes will likely rise, unless you are purchasing the property for less than it's current assessed value (I've only managed to do this once).  

In my mind there is a progression from SFR to multis, to complexes, then to commercial.  

I wish you well, and I hope you share your story as you progress!

Although in most cases the reassessments were fairly well done, in some cases the assessed value is completely unjustified and off base.

Built in 2002, it is a fully rented four plex (one unit is month-to-month so we would move in there).Current asking price: $495,000 (though originally listed at 474k, he upped the price after 16 days)Days on Zillow Market: Over 100Reason for Selling: To either purchase a SFH for himself and his GF or buy a commercial property, possibly storage unitsRents: 4,400 monthly (Owner said 2 units could be easily increased by $50 to $75 each)Expenses (annual)Property Taxes (assessed 2014): 7,754Insurance: 3,000 (guess)Maintenance & Repairs: 4,200 (guess)Utilities: 4,500 (average for last 18 months from water company, owner currently pays water/sewer/trash but there are separate water meters so we would look into passing this to the tenants as the leases expire)Advertising: $150 (only advertising is for new tenants when leases expire)Administrative/Misc Costs: $150Mortgage Insurance: $6,501 (from mortgage broker at 490k loan level)Snow Removal: $1,500 (as acountants, our busy season is during the winter and we don't have the time or patience to deal with this, there is a sidewalk + steps + driveway and back parking area to be plowed)Lawn Care: $150 (supplies fund, we will mow it ourself, first year expense of a lawnmower not included)Mortgage: 26,579 (FHA, 3.5% down, 3.75%)At 495kAnnual cash flow: $-1,684CoC: -9.72%NOI: 24,895Total ROI: 40.89%At 450k (keeping mortgage insurance at 490k loan level b/c I don't have other numbers)Annual cash flow: 762CoC: 4.84%NOI: 24,895Total ROI: 55.54%As it stands, my numbers are telling me this deal will not work, given the $100/mo/unit minimum standard most people are looking for here.This is the first deal that I have really looked at though as seriously buying, so I would love other people's opinions on my analysis.

The county will have to re assess the value.

As you may have heard, the Polar Vortex was in full effect, and that really halted any progress that I was going to make with that property :-(.

Auctioning of REOs and other owned properties you may be allowed 30 days to setup the financing.Things to check:Liens, back taxes, unpaid utilities, if the property is occupied you need to have a strategy for that (not sure if you want a tenet, if not you need a lawyer for the eviction or try a cash for keys), you won't have it in Seattle but on the east side of WA you have irrigation assessments.