City tax assessment is $140k and I know it should appraise for around that or more.I'm hoping to cash out as much as possible but I know there may be some limitations on it since it is a rental.One thing that crossed my mind is-  Since my existing mortgage is an FHA, does this affect anything now that it is a rental, or is there anything special because it is an FHA?

Phil is spot on with his assessment.

Obviously can get more detailed to accurately assess ARV/repairs... and include things like school districts, crime, levels of rehab needed (high end/low end), etc...I want to be an expert in this area, show me the way!!

I have been haveing a great deal of trouble with a hud home ive recently one the bid on.im in the final stages of the deal.at the moment pretty much everything revolves around an inspection as the house assessed for much more then i bidded.a long story short tonthe eye the house needs tlc and general upkeep as its been vacant for 2 years.the issue im haveing is that the circut breaker has been completley removed.panels,box,breakers,the whole nine yards.hud WILL NOT allow any room for this.not even a temporary install.with. o electricity theres no way to get a 100% inspection as thats part of one..im at a very aggravateing stand still.any advice would be greatly apprciated!!

I am the president of our HOA and if there is a change in budget it would be added to the fees or you do the work then assess.  

@Dominique Grayson  It sounds like you have a good assessment of your risk tolerance as of today.  

-----------The Boston Condo had a HUGE 30 yrs assessment in 2007-8, our condo prices plummeted.

Also I am an environmental professional and have done over 30 environmental site assessments and Phase 1 report's for banks and property owners.

Assessed market value = $135,000 Offer accepted= $105,000 Cash out of pocket (30% down/legal fees/closing costs/taxes/insurance - $4000 sellers credit for repairs/security deposits)= $41,832 Total financed 5/20 ARM @ 5.5%= $69,752.70 Yearly Income = $42,360- 10% vacancy = $38,124.00 Yearly Expense + Debt Service= $32,640 Free Cash Flow yearly= $5,484 Monthly Income                                                     Monthly Expense #1= $750                                     Debt Service (inc. taxes& insurance) = $920 #2= $650                                     10% rent Property Management fee = $400 #3= $500                                                                         Gas&Electric = $600 #4= $400                                                                           Water&Trash= $300 #5= $500                             Property Maintenance, repairs & upkeep= $500 #6= $680 TOTAL MONTHLY= $3530.00                     TOTAL EXPENSE MONTHLY= $2720All in all I feel I learned a heck of a lot on this first go around, and can't wait to keep it up. 

In order not to have to raise the structure (not happening) I have to keep the renovation at less than 50% of the assessed value of the structure only.