You need to find more recent sales to determine today`s price.Tax value should only be a general guide but by no means any indicator of present value.I always nail down how much I think I can sell the property for QUICKLY.

Not really sure what your question is, however if the issue is that you are uncomfortable with determining value, since it's just one property, you could search online for an appraiser and spend a few bucks to let you sleep better.If there's access problem, you can order a drive-by appraisal for $200-300.

I read through the posts on here and I see "Wholesaler" by the title of the person and I wonder how many are actually wholesaling or read a book or saw a guru and determined they were going to do that.

Many factors play into determining value, not many comps would have such a facility, the style as adapted to the home is considered, the functional utility as a residence may be less as well.I'd first call your zoning people and see if 5 or 6 kids requires a zoning variance.Having daycare services or other business activities in a residence is possible with conventional loans, but you can cross the line depending on the perceived liabilities of a business, any significant modifications to a property, public access and other aspects can cause financing issues.

What would I need to determine if this deal is good enough without pulling records from the local office?

That information is absolutely meaningless.Do a comp analysis and determine what the actual after-repair-value of the property.

One of the best first steps is determining which way you want to go.

Maybe send out your trusted handyman to do the repair so he can determine the cause.

It's determined by HUD, which prevails if any state law fails to address the intent of the federal.

But, before you pick that area, you'll needed to determine what your goals and what you enjoy doing.