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What is the difference between "Assessed Valuation" and Assessed value" ?

The figure (dollar value) at which the property is put on the assessment roll is know as the "assessed valuation" and the basis upon which the property taxes are levied. The "assessed value" is the dollar amount assigned to taxable property, both real and personal, by a County Assessor for purposes of taxation. The Assessed Value can be lower than the real market value of a property.

My Insurance Agent asked if I wanted "replacement cost" or "reproduction cost" on my newly acquired duplex, Which is best for an investor ?

First let's define the two, "Replacement Cost" is the cost of construction or rebuilding, at current prices a similar or equivalent , building, but with modern materials and according to current standards, design and layout. Reproduction Cost is building at current prices an exact duplicate or replica of the building, using same construction standards and materials as used in the original building.

What is the difference between "Gross Scheduled Income" and "Gross Operating Income ?

Gross Scheduled Income (GSI) is the income that a property could generate if ALL the units were rented for the entire year. This also includes any and all miscellaneous income from laundry facilities, rented garages or storage units. Thus, GSI would be the maximum income level that a property could produce.

While Gross Operating Income (GOI) is the total income minus the vacancy of a property. Thus, the forumla would be:  GSI - Vacancy= GOI. The vacancy figure can be either "actual" or "projected" vacancy rate of the property.