I’m trying to get an older fire damaged property under contract, but honestly I’m not sure how to assess it.

And since I have a lot of units in one building and don't want to worry about the HOA mismanaging it and HOAs going up, assessments, etc.

Matthew,Assessment meeting in October increases take effect in Feburary, generally.

It's mostly folks in rural areas who haven't kept up their properties but believe they're worth the tax assessment

The late bills and mismangement should be paid via a special assessment, so it actually comes off after a set time. 

@Bee Vang Property tax on a multifamily building is assessed for the overall property and not per unit.

Living on-site in an ADU and renting out the upstairs is completely legal and will not jeopardize either your Class 1 Residential assessment, your homestead exemption, or any senior property tax relief you may be qualified for.There are some local architects who have ADU experience; you might find some recommendations at the DC-based CSG's ADU forum.

I previously posted about the purchase on the following forum link: https://www.biggerpockets.com/forums/522/topics/546300-first-investment-property-havelock-ncAfter a year of living in this property, and sporadically house hacking it, I started assessing the true cost of living there and how it could possibly perform as a rental. 

= $47.4kFor Cap rate, I'm not sure the place would be worth $400k, that's why I'm asking if that's reasonable but let's assume it would be: $47.4k/$400k=~12% capAny further insight or thoughts on my assumption for repairs/maintenance costs / assessed value are appreciated.

The more you learn, the easier you will be able to assess the variables.