Updated about 4 years ago on . Most recent reply
Comps when everything is older/smaller and this is brand new
Question: I found a duplex I think I want to make an offer it. It is brand new. Both sides are 4bd 3bth. It is in a good area, but most surrounding houses are still the smaller, older, original homes. How would you run numbers/ what would you keep in mind when looking to buy or not buy this property?
I do not want to fix and flip or buy anything that needs repairs or renovations so I love that this is brand new.
This area is a nicer area and homes tend to rent for more. I will long term rent one side and short term rent the other side. One possibility for one side may be renting per bedroom. There is a college nearby and with 4 rooms and 3 bathrooms that might be a reasonable idea.
I know comps won't give anything reasonable because no other homes have really been remodeled yet. Do people make these kinds of moves with visions of what will happen in the future or is this too ahead of its time and people avoid it?
Also I thought I wanted a quadplex, but most are 1 bed 1 bath. I am seeing the benefit of duplexes being bigger (higher rent), and only worrying about filling 1 or 2 units seems easier than 3 or 4. Do you think this is an accurate way to look at it?