Here are the stats.Estimated Value : $59,000 Forecast Std Deviation : 22 4 beds / 2 baths / 2,362 sqft------------------------------------------Property Characteristics * Living Area :2,362 * Beds :4 * Baths :2 * Total Rooms :10 * Year Built :1900 * Lot Size :3,300 * Property Type :PUD * CoreScore :—---------------------------------------------Tax Information * Assessed Value :$36,000 * Assessed Year :2010 * Annual Tax :$1,075 * Land Value :10700 * Improvement :70% * Improvement Value :$25,300 * Tax Value :$36,000 * Tax Year :2010The property has a detached garage that needs some paint.

The first step is to collect data on the property including zoning, wetland, soils, topography, utilities, perimeter survey, easements, micro/macro market info, environmental, assessment information and legal issues.

I posted my reply too quickly and missed that you're paying cash.You've missed many of the expenses associated with rentals:VacancyMaintenance (mostly caused by tenants)Capital expenditures (mostly in the form of special assessments by the HOA, but also in the form of periodic major expenses)Legal feesCPA feesAdvertisingProperty management.With $1060 in rent, I think you're looking at best at $530 in cash flow, and likely less than that because of the issues others have pointed out with HOAs.

Thank you Chris.From the assessor:Total Assessed Value $139,000Land Assessed Value $2,800The house takes up the whole lot, there is parking for 6 in front of the house.

Jscott already has alot of these items in his blog throughout previous posts. it's great that he will send you a comprehensive list!

They are very clear and comprehensive.

But that is only one third of the value assessment.

:mrgreen: The Case-Shiller graph from 1890 to present is indeed an interesting and comprehensive overview of the nation's real estate market, but it's still flawed for two fundamental reasons:1.

We've also considered selling this property and find other investment properties to bring in more positive cash flow; however, we figured we won't be able to get much cash back after selling it with the current assessment value, $490K.I will appreciate if anyone is willing to share your wisdom with us.

So, if you don't have a good eye for assessing such flooding risks, regardless of what the maps say, I'd suggest you first ask an inspector to evaluate the area during inspections (if that's what you usually require and don't do them yourself) or get a spot elevation and comments on the area from a surveyor.....if you are concerned about flooding.