My question though is that if the most recent property tax is based on the previous sale price, if your purchase price increases dramatically then wouldn't you get a huge spike in taxes?

As you build your portfolio (you have to buy #1 before you buy #2) your income will increase, your net worth will increase, and there are always options to refi and take some cash out of performing investments to help secure the next deal. 

You will find that increasing the purchase price doesn't result in an increase in rental rates.  

Good call on the money going down the drain while paying rent.Lakewood is a popular city and rental demand is very high, rents are increasing rapidly.Good luck!

Does anyone know if the market in San Bernadino is increasing or declining?

Once certain terms of the note are changed such as maturity date, balance or an increase in payment the modification is considered a new extension of credit and is subject to certain regulations which govern the extension of credit.- The creation of a new "note" would mean the satisfaction and release of the prior security instrument.  

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The rates are higher still but as you increase your investor maturity profile and have multiple SFR's you most likely may end up getting a portfolio loan. 

My questions: 1) In 2019, should I be concerned about my ability to attract good tenants without having central air in a SLC duplex built in the 1950s?

I do understand that when / if the assessed value increases, so will the property taxes.