BiggerPockets

I have the link to all the comps.Page 3 is the property I`m purchasing.The 1st 2 pages are sold comps.I`m thinking the ARV is atleast $200k.I just want to make sure.

http://org.mlxchange.com/Pub/EmailView.asp?r=241230121&s=ORG&t=ORG

Thanks alot

Robert

I would use sold houses as your comps, not listed prices.

The first two pages are sold properties, right? I assume those are the sold prices. The sixth one, bottom of second page, though looks like its still active.

Even so its very difficult to come up with a value from these comps. Yours says seven beds. None of the others have seven, assuming that's real.

According to zillow, that sixth one, 445 New Paltz Rd Highland, NY 12528, is on five acres of land. The description on zillow, which appears to be a real estate listing, says its a three family, which makes the six beds make more sense. Some bought it for $181K (your number five listing), fixed it up, and has re-listed it for $375. Is yours really a multi?

Yours is only on a acre. How much is the land worth?

60 North is a 2/1 SFR 1,223 sq.ft. on half an acre. Sold for $139,900 on your list, but $120K on zillow's info. Maybe a fix and flip, though not much margin.

31 Mile Hill is a 2/1, 1200 sq.ft on half an acre. You show it sold at $159,900, but zillow shows it for sale, twice. Once at $159,900 and once at $199K.

17 Grove is a 3/2, 1296 sq.ft on about one seventh acre, you have it sold at $239, zillow says $225K.

10 Reservoir is a 3/1 960 sq.ft on a quarter acre. Sold for $219,900 on your list, $200,000 on zillow.

This consistent discrepancy between the sold prices in your data and in zillow (which is from public records) is interesting. Not sure which to believe

Yours is a 7/3 2230 sq.ft. on an acre.

None of these are very good comps. They sizes aren't close, the beds and baths don't match. Even more important, they're all clustered right around Highland where yours is three miles away. Certainly in my areas none of these would be meaningful comps. Even within the ones that are near Highland, I'd wonder if they're really all in the same neighborhood. But I know nothing about this area. Maybe this all really is one big, comparable neighborhood. If these are the best comps available, an appraiser's going to have a very difficult time. However, zillow does show some closer sales. Have a look and see if some of those are a better match.

OK, so the SFR properties are irrelevant, as are any comps inside Highland itself. So, in that first batch, only 445 New Paltz Rd Highland, NY 12528 is a decent comp. According to zillow, its a triplex, 6/3 (I assume that's three 2/1's), and is listed for $375K. That's competition, but doesn't really establish a value.

Yours is 2230, 7/3, and pretty close to the New Paltz Rd property.

The new one you've provided, 182 VINEYARD AV is a quad, looks like its rough from the description, and is listed at $175K.

So, no real sold comps, so far. Paltz Rd is on a huge lot. Don't know what that's worth, but you should be able to figure that out. Does that account for the big difference in the listing price?

At least someone thinks you should be able to get $125K per unit. You haven't said how many units you have, I'm guessing three from the bathrooms.

Robert, Just curious why it is listed on the MLS as a single family property and not multi. Is it already set up (zoned) for multi use? I realize every area is different on requirements. In my area it must have separate electric meters for each unit. What will you have to do to convert it to multi if not already set up that way?