How to value a duplex?

[Mike Pastoor]

I have a duplex that I’m considering selling however it is difficult to find many comps in the area over the past few years. The property is a duplex with 3 bed / 1 bath on one side and 2/1 on the other with tuck under garages for both. The location is a suburb of Minneapolis and

The rent for the 3 bed is $1,100 and the 2 bed is $1,000 with long term renters in both. Because of this I have adjusted the rents in 3 years and they are below market value.

The taxable value is $270k but I believe this is lagging and although work could be done in a bath and kitchen is had a good roof, new doors and windows. Any thoughts?

[Amber Gonion]

@Mike Pastoor truly impossible to determine value without knowing fair market value of the rents. Without knowing the the city, where within the city, the condition of the property, among other factors it is impossible to give you a true value. You are correct to assume that the tax value generally is lagging behind, but by how much is just a shot in the dark.

We are seeing our listings selling in the same time with similar valuations of the past year, we have just noticed that it is fewer buyers bidding if they make it to the MLS.

It is still a good time to sell a property as values are being maintained by low interest rates and light inventory. Fewer buyers, less inventory, low interest rates, low vacancy rates = good prices.