I cannot access the city's website at the moment to confirm the actual numbers.Also I see on your MLS sheet that it is assessed at 49k and they want to sell for 69k.

Here are some of the rehab progress.

You need to account for special HOA assessments.

A recent assessment put the homes value at $312k. 

Just remember that generally with lower rates comes more analysis and more risk assessment (i.e. paperwork/time) or maybe a good working relationship with any lender (private or hard money).

They are also progressive, so you may see 70/30 split up to say 13% IRR.  

@Stan Taylor - assuming you are referring to the tax assessment value.  

Condos can assess all the owners for major renovations, if they dont have enough in reserves. 

Please keep us all posted on your progress

Are there any other taxing authorities who may be assessing taxes on the property (some counties have city taxes and water assessments and school taxes and other local taxes - if you dont know to ask the operator won't tell you)7.