OfflineMy realtor can't find comps for a cashflow rental house I'm looking at. It's located in town. 4Bdr, 2Ba., 1200 Sq. Ft.built in 1970.
She's tried going out to 4 miles and still nothing. Yikes! What can I do to get comps for this? Totalview thinks it's worth $45k, pinal county has it valued around $60k for taxes.
Also, would you still use ARV x 70% minus repairs and your fee, or would you treat a formula different because its a rental. If so, what formula would you use? Thank you in advance.
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What was her window on sq ft comps???
Generally its 500, 250 on each side
Ask her to look for a property with the sq ft between 700 to 1700 w the same amount of br's and baths.
Have her keep the highest comps, hopefully 950+ and then find a median price to work with off that. If all you find are 3br and 1bths, then you can add a few $'s to the mix because its larger and the extra room and bathroom will justify the increase.
Hope it helps.
Thanks, Elix!
How much can you add to the comps if you can't find a comparable?
Is there a year range I can search, too?
Generally its 500, 250 on each side
Ask her to look for a property with the sq ft between 700 to 1700 w the same amount of br's and baths.
Have her keep the highest comps, hopefully 950+ and then find a median price to work with off that. If all you find are 3br and 1bths, then you can add a few $'s to the mix because its larger and the extra room and bathroom will justify the increase.
Hope it helps.
Rule is 500 sq ft
Have the search be if its 1200, be between 950-1450 or so
Normally have the sales be no more than 6 months to a year in extreme times
How much can you add to the comps if you can't find a comparable?
Is there a year range I can search, too?
Generally its 500, 250 on each side
Ask her to look for a property with the sq ft between 700 to 1700 w the same amount of br's and baths.
Have her keep the highest comps, hopefully 950+ and then find a median price to work with off that. If all you find are 3br and 1bths, then you can add a few $'s to the mix because its larger and the extra room and bathroom will justify the increase.
Hope it helps.
also be careful in locking something up that has a hard time with comps. That could be a detriment to investors who are trying to independently verify the numbers. Just something to think about.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
You can also contact your local Title Company for detailed information on this property and see if they can send you comps as well.
MaryJane