OfflineI gave my agent the address to a couple houses. One of them, the comps came back for, and the other she couldn't find any. She even went up to 4 miles, and still couldn't find any. Both are rental homes that cashflow every month. Is there another way I can come up with comps for this thing, or ways I can evaluate these rentals?
I'ld like to see if I could make some money off these by wholesaling these. Or, could I try to see if I could get the owner to lease option & do a sandwitch L/O with another buyer? Both may need a new roof, and the other could use a new a/c unit to replace an evap. cooler. What do you think? Thank you.
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Where the house you need to comp is uncompable?
Is the house in a rural area? or suburn with lot of land? What other variables is the realtor using? She can change some of all other variables and make proper adjustments. She can play with the lot size, sqft, year built, sold date, etc and make adjustments to compare with subject property.
Here are some variables typically used on BPOs to approximate a subject property:
+/- 20% lot size
+/- 15% sqft of the property
+ 10 years - 30 years of year built
1 mile radius search on urban, 3 miles on suburn and +5 miles on rural. Sometimes this search radius can be tigher depending on the market.
Properties sold within 6 months. However, some companies like to see 3 months depending on the market in that particular location.
If you cannot find anything close to this, you can relax some of the variables and make proper adjustments to your property value.
Hope this helps! Tomas
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
Hi TomandJeri & thanks for your advice. They located in the city I live in.
House Info:
* 4Bdr, 2Ba.
* 1,213 SqFt.
* Built in 1971
* Large Lot (0.34 Acre)
* Remodeled in 2010
* 1 Car Carport (could be converted into a garage)
* Has 1 small window a/c unit installed in the living room
* Evaporative Cooling throughout the entire home
Now Totalview says it estimates is to be around $45k, Zillow at $60k, and Eppraisal at $35k. What do you think?
Here are some variables typically used on BPOs to approximate a subject property:
+/- 20% lot size
+/- 15% sqft of the property
+ 10 years - 30 years of year built
1 mile radius search on urban, 3 miles on suburn and +5 miles on rural. Sometimes this search radius can be tigher depending on the market.
Properties sold within 6 months. However, some companies like to see 3 months depending on the market in that particular location.
If you cannot find anything close to this, you can relax some of the variables and make proper adjustments to your property value.
Hope this helps! Tomas
Except it was off by about $500 or so - I know it was pretty dang close.
Now, totalview is giving it $42k estimate, which would be nicer, but i don't think it's true. Hmmm...
seems to be more accurate for the houses that I have estimated...and actually, if you see enough houses, and do your own estimates, and check out the comps, you will develop a pretty good idea of the FMV of the properties....
go to open houses too; try to 'guess' the prices before you look at the flyer... you'll be amased of how good you'll get at it!
wishing you success,
Valerie
Valerie
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