You can depreciate the Building basis to reduce your taxable income.

For example, if you have a 12 unit building and one month after taking over 3 tenants move out because of a flooding or mold issue that needs to be remediated and you have not been able to take care of the building yet, that would justify a decrease in taxable value. 

In fact they count it at higher than 100% (can't remember the percentage) because it is usually non-taxable.

Other than that my guess is that today's taxable value should be about $264,000 if the purchase price was used.

@Luna Baron Here is what I would recommend for lowering your taxable income:1.  

(I know 1031 exchanges exist, but that's out of scope for the purposes of this discussion; you still pay taxes on the principal.)The main benefit of real estate from a tax perspective is that your monthly net rental income, which is normally taxable, is offset with depreciation.

Single Taxable Income Tax Brackets and Rates, 2017RateTaxable Income BracketTax Owed10%$0 to $9,32510% of Taxable Income15%$9,325 to $37,950$932.50 plus 15% of the excess over $932525%$37,950 to $91,900$5,226.25 plus 25% of the excess over $37,95028%$91,900 to $191,650$18,713.75 plus 28% of the excess over $91,90033%$191,650 to $416,700$46,643.75 plus 33% of the excess over $191,65035%$416,700 to $418,400$120,910.25 plus 35% of the excess over $416,70039.60%$418,400+$121,505.25 plus 39.6% of the excess over $418,400And here they are for those who file jointly with their spouse:Table 2.

tmrw im going to liquidate my 30k from my taxable account, hitting up the realtor and trying to get into a low cost condo to rent out and start slowww.... end goal is 10 properties and ill be comfortable to live off them all.

Most of our investments are in tax-deferred vehicles, so committing a bunch of taxable money feels like a lot, even if it is not a huge portion of NW.3)  Worries about hassles and knowing there is a learning curve and screw-ups ahead of us.4)  Illiquidity.

About 2k-3k a property, but it will offset your taxable income from W2 you do not need to be a real estate professional.