The house needs a lot of work, but I think (I'm pretty sure) that I can buy the property ($35k) and do the renovations ($30k) for around what the current assessment is at right now.  

It looks somewhat comprehensive, however the accounts provided on the credit reports were not as detailed as smart-move reports.

I had one that looks the same, once we opened it, there was a water leak that has been there for years, no foundation settlement, I assessed it to be a sink hole type and lateral movement of soil.

Wow- thank you for such a detailed comprehensive answer- appreciate you putting out the choices above!

So if I purchase a Property for $60,000 ( a foreclosed and or distressed property ),and I assess the Rehab work to cost $15,000 ( includes labor and materials )The ARV in my area on a house like this would likely come in at $110,000So ARV of $110,000 x 75% LTV = $82,000$82,000 - $75,000 ( are All In costs on the property ... purchase price + the money for the rehab work )  =  $ 7,000If I wanted to do a Cash-Out refi. as Soon as the Rehab work was completed .....

Using the calculator here on BP I estimate 13 to 15 % ROI as a rental.Market value and tax assessed value are very near my offer point but with some TLC I think I can refi to a fixed loan in a few months to pay off a hard money loan.

They are cheaper to purchase and the rent like crazy.PS - you want the properties that are managed well, the ones who aren't hitting owners with assessments for big repairs.

I bought a house in W.Sacramento for a flip, and when trying to sell it few month later a sewer assessment in amount of $11,000 came up.

(Estimate $360-370K remaining)Land alone assessed at $350KHome is a complete remodel even though a couple rooms have been redone in last 10 yearsThere are comps within a mile that sold for low 600s with less than 1 acre. 

@Kevin Chhum i would strongly suggest staying away from Condos as they tend to have condo association fees and special assessments associated with your condo.