I am preparing to bid on a three family property in Brooklyn- Lefferts Garden. I don't have access to the mls nor does the agent. I used prop trend to determine the ARV and it gave 1.2 M. The agent gave me comps from property shark which yield an ARV of 1.5M. Should I use my own comps or that of the agent? Also how does one adjust the comps according to square feet? My subject property is larger 4,000 sqft than any of the comps used on property shark or prop trend. Is the general rule of thumb to get comps in nyc within quarter mile or a half mile? SOS!!!! I AM SO LOST.
@Iverem Rose You can go to a Broker and pay him for a Broker Price Opinion.
And why does your agent not have access to the mls? What use is this agent to you then. Never use the agents numbers because if he/she is wrong it's your money that would be lost not theirs.
If this is a flip and it is your first one the best option for you would be to partner with someone who is experienced in flipping the risk would be alot less for you having experience and knowledge helping you out.
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