I am having trouble calculating the arv for a duplex 261 worth street, 45226. There are home that sold in the last 6 months across a major road that sold for350K-450K. A year and a half ago a duplex sold for 250K a couple houses down. A 2 bed 1 bath house 1,000sqft sold in november last year for 192K. The home is listeed for 100k and need 80-100k in reno. Can anyone help me?
Looking at comps for the property it depends on bed/bath count, square footage, and type. To get the after-repair value an appraiser is going to be looking for properties that are as similar to this property as possible. Typically they will want to use properties sold in the last 6 months and as close to the property as possible. They will also want to use duplexes as comps as well.
From what I can see there are 3 duplexes sold in the last 6 months within a mile from the property. The prices range from $323,000 to $398,000.
Thank you @Brian Cauldwell. Do you think that some of those comps will be useful due to them being sold in a mt lookout and not in the east end? that is where i'm having the most trouble since they are in the same zip code but to different part of the zipcode
Thank you @Brian Cauldwell. Do you think that some of those comps will be useful due to them being sold in a mt lookout and not in the east end? that is where i'm having the most trouble since they are in the same zip code but to different part of the zipcode
The only one that I see that is on the same side is 3143 Riverside Dr. I think an appraiser would have to go a little farther out due to not enough duplexes being sold right by it.
You can always make your offer contingent upon financing, that way you have a little more flexibility if the appraisal comes in low.