Specialties: Review of Real Estate to enhance values, Property Tax assessment review, Land divisions to enhance values, BPO - Broker Price Opinion services.

Hello,@Montana Mitchell, I will be able to get into the property itself but I don't have neough experience to assess it, the thing is most wholesalers in Houston (at least the ones I am dealing with) are always rushing you to take a decisions with no option period to back out.so I am considering the money I will pay for the desktop  appraisal as part of the due diligence (cost of doing business).

Some people have break even or negative cash flow properties but have huge equity growth like in California.You need to assess what 20k down plus what you can add to it can get you for investment opportunities in your local market.

Also, the tax assessment is about 50k above purchase price, so I may be able to get the taxes lowered some, but I not going to count on that.

What's really important is to do a realistic assessment of your financial position, risk tolerance, and what you would consider success.

We live in a "non-disclosure" state (AK), and past sale prices are not in the public records, however much critical information is: Lot size, square footage, ZONING (one of the most important IMO), # of beds & baths, year built, date of last deed change, city/county assessed value (do not mistake this for market value), taxes, and other info is (here) readily available on city/county websites.

Baltimore though has a rate of 2.25% of the assessed value, and they assess the properties often at unrealistically high values.Every market has it's strengths and weaknesses...I just feel that the DC areas market weakness is multifamilies.

The 2014 property value assessment through the county was $197K and the taxes were $2500.  

Sadly, tenants don't always have a clue.I give my tenants a MOVE IN CHECKLIST, and I tell them to note anything they want on the checklist, because that will be referenced when they move out and charges will be assessed for damages not noted.  

The tax assessment is $180k, and I would say (rennovated) you could ask that, but would actually get closer to $160k because properties in this market tend to sell a good 10-15% below asking after sitting, it's a heavy vacation/2nd home market.