ARV and FMV - adjusting comps prices

2 Replies

Hey BPers, I’ve got another question for you all. I’ve been working through educating myself more and more on how to use comps to determine FMV and ARV, and I think from face value i understand comparing all the bones of comps such as bed rooms, size, year, condition, garages, location, etc etc. My subject property is a top/bottom duplex where the garage is behind the building which I believe is less desirable. Furthermore the way you have to enter the units via a stair case in front is also less desirable than some of the comps. While my subject property on paper has all the same basic features as some comps, like I said I think the comps are more desirable in the way the garages are placed, and the entrance to the units. So how do I go about puttting a value on this type of thing? Thanks guys!

Some pictures might aid in getting opinions. I'm not picturing how else someone would get to a 2nd floor unit besides stairs.

Is the garage on an alley behind the property, or is the garage that would normally be close to the main street simply behind the house?

I've seen a garage placed too far behind the house absolutely kill the value of a house. My client's 2 car garage was at the top of a steep driveway, with about half of the garage behind the house. Both cars could pull into and out of the garage, but it was tight for the one car. It was akin to parallel parking, and an error would cause you to hit your house. Pretty sure the house would have sold for $175k or more without the issue. It sold for $165k. So that took 6% or more of their value away.

Thanks for the reply, Eddie. I’ve attached a couple of photos and while these aren’t the exact photos of the subject property nor the exact comps, they are very similar style. 

The first photo is a similar style to the subject property. There is a 3 car garage in the rear which has plenty of room to pull in and out of. The only access to the units is from the front stair case.