The city assessed value is ~$235K but I know these can be a bit lower than market value.

I had always planned on rehabbing and refinancing so decided to do an ARM 5/1, which retrospectively seems silly to have a slightly lower rate for such a short period of time and now making refinancing more urgent while rates are still low.  

-What's a reasonable credit requirement for this [lower income side] area?

From my experience ARMs typically adjust annually or semiannually so you get a fixed rate (often lower than 15 or 30 fixed) for that period of time.

Income level also will determine tax rates.

Hello Guys,I am in process of Refinance to lower my payment by getting rid of PMI, the process has not been great with this specific lender I am working with.

Not sure if this is the right forum, but I wanted to test the interest level of a business idea I have been working on.  

Does anyone have advice on offering higher or lower than this range for HUD houses?  

i am trying to find out more about the property i understand that i dont have the experience although i am very motivated to succeed and i will do my  very best to do so and with some help from my fellow BP member's like yourself giving me your input opens my eyes to a different level. 

Those look like some pretty large floor plates looking at the picture, and you did say they currently have 4 apartments on the 2nd floor.So you are looking at building out the 3rd, 4th floor at least, I am assuming to have a similar layout to the lower floors to have all your mechanicals lined up.