Shouldn't the property tax rates be the same % of the assessed value if they are all from the same city and county?

@Fran Arti, taxes are different by county so you'll need to contact the county tax assessor office to find out when they assess your property taxes and how exactly they are calculated so you can add them into your analysis.The 10% additional in liquid funds is a reserve account.

@Jason Crowe In FL, all properties have a new Value assessment every year.

I would call a contractor to come over to assess the problem and come up with an estimate for a solution .

The biggest challenges are the importance (I cannot emphasize this enough) of the team that you are working with and short-term financial challenges (you'll end up paying more interest for a few months) as well as maybe some sweat equity or personal time that might be needed (choosing fixtures, finishings, etc although that can also be delegated to a reasonably priced interior designer).What is important is for you to have a good assessment of your priorities first and also how much are you willing to be compromising in the short run for a much higher long-term return.

I am an out of state investor and wont be able to travel to the location to assess myself. 

The property was recently assessed at $21K.Since I’ve Rehabbed other properties with my friends.

But I also know of several management companies that have gotten into development lately to continue to grow their portfolio.Ultimately, you need to assess what your returns will be, and if it makes sense. 

You have to honestly assess your knowledge and skill level and determine if you will be able to successfully acquire and operate this asset. 

Don't let an inaccurate assessment of value be one of them.