If you send me the address or PIN I can look it up.Let's say it is assessed at $250k and you buy it for $160k - then you will have to contest the taxes to lower the assessment based on nearby compsNow if it is assessed at $100 and you buy for $160k the city will automatically adjust the assessment to the $160k

My wife's grandparents live nearby on Cook's Bayou in Callaway.

When you flush the toilet, cold water goes to the toilet, and hot water may cross into the cold water pipe through the leaky mixer in a nearby faucet.I would turn all the stop valves off, then test the system.

Then once you know what you have, comp it out by the SF vs. other nearby sold and pending.

The income approach is next, more weight for a landlord or non-owner occupied dwelling, the least weighted is the replacement approach but can be used to bring adjustments into focus with the market when fewer comps may be available.Replacement or the cost approach is most relevant with new construction or a major rehab, but with a SFD, you always need to look at the market as that is the key to your financing, a buyer's financing, the time on the market, your exit strategies and profits derived from that local market.On that property, it didn't pencil out to the market at the profit required for the brain damage involved, so it may end up being a more creative deal......we will see

Granted, there are good deals everywhere, and there are great investors in NYC doing a ton of deals out of state or even nearby. 

Welcome to BP @John ThompsonLots of activity in Prince George's County with several investor groups nearby.  

If the nearby homes that are renting at $1000/month have all been upgraded, then you'll likely have to upgrade as well or take less in rent.        

Hi Lois, Glad to see someone so nearby me! 

Nearby is very residential and there's a large retail strip center directly in front that is a bit run down (but on sale) so potentially will get a face lift upon sale.