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Multi-Family and Apartment Investing

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Vi Tran
  • Accountant
  • Upper Darby, PA
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Vi Tran
  • Accountant
  • Upper Darby, PA
Posted Jan 9 2012, 08:34

Triplex appraised for $295K back in 5/2010
1 unit - 1 Bd, 1 Br, living room, kitch (living - but can rent for $650 -$725)
2 unit - 1 Bd, 1 Br, living room, kitch ($650 per month)
3 unit - 3 Bd, 1 Br, living room, kitch ($1,300 per month)

Now I am adding more spaces with my ground level basement to connect with the 2nd unit. This will be complete by 3/2012. The new set up will be:
1 unit - 1 Bd, 1 Br, living room, & kitch (living but can rent for $600 -$725)
2 unit - 4 Bd, 2 Br, living room, kitch, & a wet bar (est $1500 per month)
3 unit - 3 Bd, 1 Br, living room, & kitch ($1,300 per month)
Cost: $40K

My property is unique, so you can really find any similar home in the 19082 zip code. There is currently triplex on sales around my area for $265K but is much smaller.

Do you guy think I have a chance to get this to appraise around $350K? Do you guy think the value of home depriecated so much that it going to hurt my chance? I want to withdraw the equity so I can use this to purchase another property.

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