Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
10+ investment analysis calculators
$1,000+/yr savings on landlord software
Lawyer-reviewed lease forms (annual only)
Unlimited access to the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 years ago on . Most recent reply

User Stats

50
Posts
41
Votes
Ben Russell
41
Votes |
50
Posts

Input on what an appraiser bases value from when there are no comps

Ben Russell
Posted

We are looking at placing an offer in on a duplex in a very small town.  We would pay cash (to buy at a discount), then do a cash out refi. We need it to appraise for 250k.  It's fully remodeled, with current leases in place for 2k a month.


My worry is making sure we will hit our estimated value with the appraisal for the refi.  This is a very small area with a lot of mobile homes so the PPsq is fairly low.  The only true comp is another duplex that sold off market for 150k, so there are no pictures or a way to really determine condition.  Just based on the 150k comp and the PPsq in the area, we will not hit the required value for the refi.   

How much will the rental income effect the appraisal?  How will an appraiser look at a unique property for the area that has very few comps?

Thanks

Loading replies...