Best way to find comps for a 4 plex

[Kyle Forrester]

Hey everyone just starting out helping my bro who has flipped 3 single families homes in Mesa AZ area. Been studying BRRRR and flip strategies like mad but our first opportunity together that came up is a 4 plex in the historical Roosevelt district in downtown Phoenix. (Yea, stoked.. but yikes!) the calculators don't seem to do multifamily and google and YouTube aren't much help pointing me towards the best way to find comparable props.

Please help🤷🏻‍♂️

[Ryan Swan]

@Kyle Forrester are you guys working with an experienced multi-family investor agent? That's your first must-have resource to properly find, analyze, value, and ultimately purchase a 2-4 (or 5+) unit property. 

@Alex Bekeza is right that a fourplex is valued based on the comparable sales approach, and much less so on the income approach (the way larger commercial MF is valued). There should be enough recent 4 unit sales around central Phoenix to effectively "comp" your property.

I just helped a client close a special triplex (house + duplex) in Coronado district. We were under contract at $510k (which was $12k above ask price with multiple offers), and the appraisal came in at $525k!