Duplex came up for sale in Coral Gables listed at 120K.
There is no listing nearby which has sold in the past year for under 200K.
Property requires light rehab.
I offered 122K. Received email today that I got the property. I'm absolutely stoked. Redfin estimate gives this property an estimated value of 322K based on recent comps.
Duplex in Little Haiti came up on the MLS at 5pm today for 179K. Property was built in 2007 and requires no work. It's priced at $60/sq ft whilst recent sales have been well over $100-$200/sq ft (for old, shabby properties) I drove past at 6pm and emailed the agent with a full price offer. Received approval of offer 2 hours later. Redfin estimate gives this property an estimated value of 1.6 million! However it's taking comps from the design district and Morningside which are a few streets away. The property is not worth 1.6 million but I was so keen to buy as the expensive areas are pushing into this neighborhood.
Net rental income for both properties will be around $6000 a month, so not a bad passive income.
You want to utilize MLS based comps for property evaluation purposes. Many of these websites utilizes a methodology that varies in devising its version of a value and often may be drastically different from MLS based data or what an appraiser would value it at.
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