With a tax assessment of $40,700. 

A couple things I'll add:It looks like the property tax rate here is 1.38%, based on the 2019 total assessed value of $396,705 divided by the 2019 taxes of $5,489That's seems kinda high, but it is what it is.

Here are a few quick pros/cons to owning townhome/condo STRs from personal experience: Pros: Complex ammenities (pools, spas, etc.)Exterior Maintenance is covered by HOA (this is really helpful in more extreme climates)Cost to acquire can be significantly lower then SFH in the same areaCons: HOA fees can be cash flow killers and assessments can pop up at anytime.

I would steer clear of the opportunity if you're looking for simple, quick money and you haven't navigated the process of rezoning before.As @Steve Morris said, demand is the huge factor and it will be difficult to assess demand on abutting res zoned land.That said, if you feel comfortable with the risk and have the capability, of course have fun!

I believe you are 100% accurate in this assessment. 

A few other things to consider about condos-  The association can assess all owners for certain repairs and maintenance. 

How do I assess the ARV?

The property is assessed at $170k and the way property taxes are structured in Indy is you pay double (2% instead of 1%) if it’s a rental.

I'd re-assess your biz plan.

Sometimes people will phase into and out of jobs or careers and to be honest sometimes the skill sets needed from certain roles will change at the different levels you will be operating at along your journey.Remember the person you are today, and the people you are around will most likely not be the people you are around when you become your future self of who you want to become.It is always important to assess and reassess the people on your team as well as the people in your life.