You need to add a qualified experienced GC to your team, someone you can rely on and call on short notice to assess potential properties.

That will help you assess future deals.

You would need to have a fairly accurate assessment of how much you would need to spend on it to bring it up to retail After-Repair-Value (which you would then subtract from $175k). 

Note on tax base, At one time people would leave "one wall standing" to try and avoid the house being assessed as a new house and taxed accordingly.

Then ontop of a maintenance fee thats about $1300/mo as is, there will be a special assessment that will be 2 years of maintenance fee up front, so $30k or so added to the price basically, but its in the best, most expensive neighborhood.

I love condos and if the returns are right will invest in one where the reserves aren't good and there's a possibility of having a special assessment should something go wrong.

Some filters I am using are tax year (i.e. how many years of taxes are unpaid), property type (single family, multifamily, townhome, etc), tax assessed value, and owner occupied/absentee.Once you have a list you like, you can call them, mail them, knock on their door, etc, depending on what your preferred method is.I hope this helps.  

What do you mean by the city says it's value is 90K/  Are you referring to the County's Tax Assessment value? 

I I'mt bought a property that appraised for $40k under town assessment because of deferred maintenance over the  past 10 years with the former owner.

That wouldn't nessecarily scare me off of them, but I think they have a higher likelihood of a special assessment due to those factors.