So I have a few properties that I’m not sure how to handle because I’m not sure how an appraiser is going to value them.
My properties are all college rentals.
I have almost identical homes... old brick row homes, their backyards bump up to one another. One is a SFH, one is a duplex...the SFH is larger, will netmore $/mo because I won't pay utilities... very similar in finishes, the duplex a little more updated.... but it appraised for 243 and the SFH only 164k... are Duplexes just valued higher in high rental neighborhoods? Now, the SFH may have appraised lower since it only rents for $1200 today.... so if they used the income approach, that could be why.
Ultimately, I'd like to BRRR the SFH like I did the Duplex... but I'm wondering if I should convert the SFH(pretty easy to do with this house) to a duplex if duplexes are just valued greater in these types of neighborhoods.
All opinions, thoughts, and advice welcome!