The tax assessed value means nothing.

Try to find a competent contractor to assess repairs the same way.

When they look for a new place, and the new landlord wants to be told of their rental history, I explain to that landlord that they have been late "x" number of times but late fees were only assessed "y" number of times due to payments within the grace period.

You would assess the risk and if someone would give you 100k now to release the property you might just take it and run instead of incurring more expenses on hopes of seeing a full return sometime in the future.

For condos, capital items are often in the form of special assessments.

It's $69,900 ($159K Assess) and the listing says the house is situation on 8 lots zoned commercial.

Dpending on the type of property, location, traffic count and other aspects may be assessed.

Chris, whether the property is listed on the MLS or not, the buyer will always be able to see sales data & history by pulling the tax assessment.

In your area judges are more liberal than in mine and it may be hard to know which way the wind blows, so I'd definetly be insured.A good insurance broker/agent can help you assess your risks.

And I am pretty certain Chicago no longer has R2 designation.If it is a non-conforming 3 flat, it can be an issue when you get a building permit or during the triennial tax assessment or any number of situations.