Hello @Robin Williams
I would use the quadruplex comps and adjust for condition. The condition adjustment can be derived (as a %) from repaired vs un-repaired duplexes and triplexes.
@Angelo C. thanks for the feedback. I believe that is a reasonable strategy.
Yes I would look at similar quads in the area... comps for multis are tough to find at times!
@Robin Williams Comps for quads (and smaller MF properties) are hard, if not impossible to find. Unfortunately, in Texas we don't have the same type of small MF housing stock t hat markets like NYC, Chicago or Milwaukee possess.
@Angelo C. has a good suggestion but my only concern is that when you adjust for repaired vs. un-repaired you will be making assumptions which will not be backed by hard comps (because your data set is too small or non-existent). Nonetheless, you don't have much options.
Although, this isn't usually applied for quads, you can also look at rental income as a proxy for the condition of a property to adjust your valuation.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing