Rental Property Investor · Las Vegas, NV · Member since 2017 · 134 posts · 93 votes
Hey BP Community,
I'm currently looking at a triplex with three individual small houses on one lot with ca 800sqft each, the public records confirms its a multiple dwelling / 3 unit, but only shows the "primary structure" as one studio with 800sqft - The online estimators value the property based off that, and the listing agent recommended that estimate as the asking price.
Would the actual value not be considered 3x times that? Or what am i missing? There are hardly any comps in the area, a few 3-4plexes but all one structure - how can i properly determine the as-is and after Repair value?
Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
7y
@Stephan Kraus, you are probably missing that the other structures are not PERMITTED. Which means you can't get a loan on them & may have to tear them down. ;-)
Rental Property Investor · Las Vegas, NV · Member since 2017 · 134 posts · 93 votes
7y
@Alan Grobmeier, they appear to be permitted, the public records indicate ' 3 dwelling units' on a 3-4 unit zoned lot
i also happened to find another almost identical property that has the same configuration, just 4 individual houses, public records also only show the 'primary residential structure' with its respective sqft, not all four, BUT the MLS data on that one accounts for the total sqft, and prices it more accurately..
so lets make this a hypothetical question -IF it is permitted, would that not be worth more?
Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
7y
@Stephan Kraus, yes if they are permitted they would be worth more. If you go thru with the deal, your title company should be able to tell you exactly what 'should' be there according to the permits.
And an obvious possibility is some type of misprint.