Newbie here with a question regarding property values.
I live in Florida and am interested in buying a triplex that is one block from the beach as a weekly/monthly rental. It is over priced imo and has been on the market for over a year with a realty company starting at $650K. Now after one year the owner is doing a buy owner sale and it is down to $450K She bought it for $150K in 2000. My question is this. I found a 3/3 stilt home built in 2000, that is literally one block away from this triplex that has a little larger lot that sold for $355K two months ago. In comparing property values, would a triplex be valued higher then a single home since it is income producing?
(Triplex 3/3 has wood structure built in the 30's with smaller lot and less square footage of the house that is a 3/3, built in 2000 that is a stilt home that sold for 355K.
Based on purchasing at 400K I feel that I can cover my costs easily with a 30% occupancy rate. I am hoping to use this property as a reality check for the owner unless of course triplexes are valued higher. Thank you in advance.
Anad