How do you perform a duplex comp?

Question

For all of you agents who work with investors, how do you run your comps? My local MLS has a CMA tool, but it is horrible, at least for multifamily CMA's.

Preston Dean · Answer

Dylan sorry to hear that. We have a ton of duplexes here in the FW area so comps are basically everywhere. Maybe going based off SQFT of similar SFH would be your best bet

Steve K. · Answer

What does this sentence "I am holding active, pending, under contract listings with higher value than sold right now" mean?  You're using active, pending, UC current listings as sales comps?

Bruce Lynn · Answer

I probably would not use an auto generated tool.

I would pick my own comps...duplexes....similar age, size, area, etc.

If you don't have enough duplexes you might add in 3s and 4s.....then look at yields...

I would say 90% of the time my investor clients and myself included don't care about the comps so much on multi.....I care about the numbers.

What is ConC, what is rent coverage, ...really all I want to know are rents....also who pays utilities, how long have tenants been there, are they current, do they want to stay, and condition of the property.   Plenty of owners run their multi into the ground, so I want to know what deferred maintenance are we going to get stuck with....big five items....and I ask the tenants when we visit....what's broken and not working.

Eliott Elias · Answer

I choose each comp myself. Never run a generic CMA, it is what newbies do and they are too unpredictable. I am holding active, pending, under contract listings with higher value than sold right now.

Nathan Grabau · Answer

I would pull historic similar duplex sales, even if they are old and see how the market has shifted since then.

How do you perform a duplex comp?

Most Popular Reply