I anticipate the property appraising for ~50k.  

Based on this, while I do not necessarily anticipate disaster, there likely will be some serious softening in the marketplace...some buy opportunity potentially.  

As we all sit in anticipation of what the crude collapse means for the Houston market, has anyone had issues with appraisals coming in underwater?  

Anticipate giving that bill to the original contractor to pay since he clearly did not do the job correctly - and likely made it worse! 

One note puts an investors eggs in one basket, while a portfolio of them spreads the risk and minimizes the impact of a single note not behaving as anticipated. 

A "cap rate" is a number(%) calculated for a property based on a variety of things that are actual(like current NOI) and also based on things that are projected(property value/current trends for a given area), the purpose of the "cap rate" is to show what the seller is anticipating the return to be, with as much of an educated guess as possible. 

Back in the old days floors were recessed in anticipation of a dry-pack mortar bed.

In this situation, I would see you coming from a mile away, and would be licking my chops in anticipation of making as much money off of you as possible.BTW, I also recommend that you become a Realtor yourself as you mentioned above.

Notice even the words chosen: "LOTS of opportunity for improvement" suggests possibilities and generates anticipation.

The time value calculation would be based upon your age and anticipated returns and tax brackets over the course of your life.