@Michael Workman - perhaps they bought it off-market last year at a price substantially below the tax value and had the tax value lowered to match the purchase price? 

I've also had 1031 buyers with time constraints pay retail knowing that the properties are in great shape, records to match, and property management is on point.  

Instead of renting out the whole house, they match up roommates to sign a lease together.

From the 1031 perspective the tax payer has to match. 

Divide the labor cost by what you think a good hourly rate is, and see if the number of hours matches reality.For the hourly rate, the federal minimum wage is currently $7.25 an hour. 

yes we did, closed on December 19th, everything went smooth other then the land side of things, the deed information never matched what was listed by auction.com, they were auctioning it as 3.6 acres, the square footage of the lot only adds up to 2.6 but if you go back 3 owners to the 80s the deed says 5 acres give or take with the same lot information, somewhere along the line the 5 acres give or take was removed from the deed, nothing was ever split or sold but it's always had the same square footage 225x450x195x450.. with or without the land it was a great deal and it went very smooth and I'd definitely use auction.com again.

You are just framing in and putting in insulation (if ) and drywall and mudding and texture+ paint to match. 

Biggest lesson learned is being so excited about the zoning, that I overpay on the acquisition when the strategy didn't match the investment planned.

As you may have heard there is a new project to build a soccer stadium and accompanying apartment housing over Qualcomm Stadium.

The key for Colorado is that it can be difficult to find on market houses that would cash flow and harder to find one that will match the 1% rule.