I currently have a fourplex under contract in Wharton, TX. Each unit is 2 bdrm 1 bath. All units are currently occupied and each tenant pays their own utilities. The property needs minimal work. There are no comparable sales for the property. The Wharton County Appraisal district has a market value of $236,000. I would like advice on how to figure out the comparable sales or find out how much the property in worth without having to pay for an appraisal upfront. Any advice would be helpful.
Unless you plan to live in it, you're buying an income stream. You would have to know what market rents are, what actual rents are, operating data, etc. If you're dealing directly with the seller, ask for this information. If you're dealing with an agent/broker, they should already have received this information from the seller.