Half the time we end up adjusting an advertised CAP rate once we go in and do our own assessment of how much capital is really required to stabilize a property.  

This amount could be greater then your actual depreciation expense, but since your question only addressed the tax savings due to depreciation alone, your assessment of the tax outcome was correct in your original post.

I'm currently moving through Udemy's online course in real estate, going through the BP reading list, and practicing building rental assessment models.

The price point is 700k with a borough assessment of 526k.

@Rosemary Rendon Many other questions to ask such as any special assessments with the management?

What do you expect to pay in tax after your property purchase is re-assessed? 

I've spoken with several owners in the area who have complained about the large assessments handed out by their associations on a regular basis.

You can set the rent due date for any day of the month, but your state law may require you to grant a five to ten day grace period before late fees are assessed. 

When you're looking for neighborhood turnover, are you using citi-data's "Year householder moved into unit" option or do you have another way of assessing that? 

A HOA really only wants the money it is due (the original assessments) and any costs it has incurred (like certified mail).