If so, would he just use the tax assessed value?

Loss or Damage: If the property is damaged by fire or other casualty prior to closing, and cost of restoration does not exceed 3% of the assessed valuation of the improvements located on the Property, cost of restoration will he an obligation of the Seller and closing will proceed pursuant to the terms of this is Agreement with cost thereof escrowing at closing.

I need someone who knows the market for this type of property and can give me an honest no BS assessment of value.

Also their pricing is about 70% of the tax assessed value and they had a strong team in place (even our banker recommended their PM company) They negotiated a deal with us and are looking for long standing relationships.

@Aaron NordgrenThe condo fee, special assessments and restriction on rentals are usually the 3 factors that kill it (a condo) as a practical positive cashflow investment.And I always say if it don't cashflow, its a no go.

Pretty consistently there is a considerable difference with the 50% rule looking like the rosy picture.Am I correct in assuming that in this area I will need to change this rule (to maybe the 60-65% rule) to account for these higher taxes (~$3,600 a year for a $70k assessed property) or am I somehow being a worry wart and overestimating things?

Brick duplex on a crawl space (never seen one before. seen either vinyl or wood) 2 section 8 tenants (7 yrs, 5 yrs) asking price $75k (assessed value at $29k) current rent - $1,400/month = gross - $16,800 insurance (guess) - $100/month (could be more) = $1,200 taxes - current year - $2,500 (most have been $4k) will have to use PM since it's 30 mins away - $150 per month Repairs - $100 month (average) no immediate repairs, they seem to be happy living in clutter and nicotine discolored walls according to @Joel Owens formula:gross rent - $16,800NOI = 16,800*.4 = $6,720CAP = $6820/75k (asking) = 8.96it's a C area, but not warzone. that whole town is that way. it reminds me of flint (great at one time), but without the crime.Basic formula:15 yr ammortization, 5.25% apr = ~$466,expense of P&I + PM+repairs+insurance+taxes (current) = 466+150+100+100+208 = $1,024Rent = $1400Profit = $376 = $188 per door

This means that the real association dues can be much more than the monthly dues, as there may be special assessments at year's end.

How do they come up with an assessment?

I think it is very important to understand as the appraised value maybe much different than what a realtor may value a property based on their market analysis or what the county values for their tax assessments.