I put together a comprehensive spreadsheet.

You haven't provided enough details to allow for a proper assessment of value.

,Your assessment of the benefits and drawbacks of our model are spot on!

I'm trying to assess if this is something that I want to get tangled up in.As far as the neighborhood, I've ascertained of the 10 lots/properties (all homes are built circa 1959) there are 7 OO.

I also look at the active and pending listings as well in order to gauge what people think they can sell for and to assess the competition. 

You must determine if there are any special financial assessments scheduled or likely or if the association is being sued or likely to be sued. 

State Property Assessment 189,400Arv 200,000purchase price 59kclosing 3.5total rehab  100krehab and acquisition 162.5k4 unit property, 6bd 4bth 3,232 sqftmonthly income  $2,900   annual $34,800monthly expenses $2,060 annual $24,720NOI $21,258cap rate 11.88%taxes 4,470Total operating expenses:Mortgage expenses:Vacancy:$174.00Repairs:$116.00CapEx:$29.00Electricity:$75.00Water:$50.00Insurance:$80.00Management:$232.00P&I:$932.08Property Taxes: 372.5

If you are not sure how to assess risk/reward I would suggest first doing some research around this subject.

I have done research through our local county assessment and real estate sites. 

I'd like to put together a fairly comprehensive list for others to reference.