To assess the value, look at the property value without improvements and arrive at the difference for the land, that should reflect the difference in the price.

You've left out maintenantce (mostly caused by tenants), property management (which you could earn by doing it yourself), special assessments, legal expenses, make ready expenses (cleaning and fixup between tenants), special assessments from your HOA, CPA expenses, etc.

I'd be very wary just based on the information you've provided...First, don't trust tax assessments to determine your ARV.

Third, (it used to be, so maybe still is) a lot of condo owners did not pay the assessments, so major repairs and maintenance had to be deferred.

This is of course before factoring in the risk of this payment stream defaulting, but you didn't give us any terms of your financing, so it is difficult for us to assess risk.

I'm not sure what you mean by auditor exactly, whether you are talking appraisal or assessment.

The County has it assessed around 49K, I know that you can take that with a grain of salt.

In fact Georgia passed a law last year stipulating that sales price establishes FMV on the tax assessment for the following year.

I understand assessed value does not equal market value.

They do pay when its empty, when the inevitable special assessment shows up from the HOA, or when some major work is needed.Or, they can pay all at once, sell for whatever they can get and bring cash to the table.Or, they can give up these properties.