I could probably get aprox $1,000/door in cashflow (only considering PITI+HOA for simplification)My concern with apartments is always the potential for special assessments that could wipe out months, if not years of income. 

I was in the process of closing on my first out of state deal in Columbia a ways back; however, the property tax assessment for non-owner occupied was brutal for the numbers.Since then, I have learned to research everything in the market before investing, as just the property taxes in SC can turn what you thought was a good deal into a bad one fast.

For what it's worth I have a duplex in south Mpls that is 1.62%, but that's based on assessed value which can vary wildly from purchase price. 

That wouldn't make sense based on risk assessment. 

Therefore, sale prices aren’t public (only assessed values are).

Special assessments can hurt your cash flow.  

Tenant 3's lease goes out 25 additional months, and Tenant 4 is month-to-month.This is not an NNN property, so I'm accounting for $10,000/year in taxes (based off most recent assessment of $550k * 2 multiple to round to purchase price).

But then down the line when a big expense comes up (roofs, patios, sidewalk, etc) then they are screwed and forced to do an immediate special assessment where each owner has to cough up a few thousands. 

Asking price is $27,900 and assessed value is $19,800.

Can fines be assessed, even though it's not in the lease?