Hello
I am new to REI and I am trying to learn how to find the best deal in the market. This deal is located in NW Indiana numbers are roughly estimated, I am planning to buy my first rental property with FHA loan, ...

I am a resident of California, so I am obviously in an out of state market, which poses its own challenges, as I will discuss below.The property I am looking at now is virtually identical to the one I own.

Electrical appears to be challenged and needs addressing by the seller. 

@Ed ZhaoThere are no true 20% cap properties available.Any calculations showing a 20% cap are flawed.The worse the location is, the more the tenants are financially challenged, the numbers will look better.

Challenges?

Challenges?

It is a bit daunting and we definitely don't want to do our taxes ourselves and risk doing it incorrectly or not taking advantage of everything we can.If anyone could give me recommendations for accountants they have used in the Dallas, Tx area that they have had good experiences with that would be incredibly helpful! 

That could sound selfish but it is widely understood that the great things that we want to achieve and the number of people that we are aspiring to help will be a challenge if number one is not taken care of.  

I listed another house one time that was just the opposite....sales price about double the tax value....unique house, unique neighborhood about a block long with all kinds of styles, sizes, ages.Just knocked off 25% of the tax value on an investment property I owned by challenging the value at the appraisal district hearings....value of the house has not changed, condition has not changed....their value was automated and not challenged by the district fairly.Bank appraisals where someone actually sees the house, sees the inside, and is familiar with values in the area is way more accurate.

If it's in public listings, it's gonna to be a race against time and a challenge to offer against others.