Also I am an environmental professional and have done over 30 environmental site assessments and Phase 1 report's for banks and property owners.

Assessed market value = $135,000 Offer accepted= $105,000 Cash out of pocket (30% down/legal fees/closing costs/taxes/insurance - $4000 sellers credit for repairs/security deposits)= $41,832 Total financed 5/20 ARM @ 5.5%= $69,752.70 Yearly Income = $42,360- 10% vacancy = $38,124.00 Yearly Expense + Debt Service= $32,640 Free Cash Flow yearly= $5,484 Monthly Income                                                     Monthly Expense #1= $750                                     Debt Service (inc. taxes& insurance) = $920 #2= $650                                     10% rent Property Management fee = $400 #3= $500                                                                         Gas&Electric = $600 #4= $400                                                                           Water&Trash= $300 #5= $500                             Property Maintenance, repairs & upkeep= $500 #6= $680 TOTAL MONTHLY= $3530.00                     TOTAL EXPENSE MONTHLY= $2720All in all I feel I learned a heck of a lot on this first go around, and can't wait to keep it up. 

In order not to have to raise the structure (not happening) I have to keep the renovation at less than 50% of the assessed value of the structure only. 

It is tax assessed at $94K.

Also the taxes seem low for that price, check the last time the property was assessed you could be in for a big surprise.

Yeah, while tax assessment for most of the area seems to be on, it seems to be a bit behind on this one.

Either the property manager is asleep at the wheel *even after you asked for a damage assessment* or it's BS.

I'll think the knowledge helps lot when looking at properties, you can assess places by experience rather than rely on another. 

And I am interested to find out if someone would be willing to guide me in co-assessing the property.  

(He stated the county assessed it for ~$1M, but I found the closest matching parcel to what he described at less than $870k.)