Multi-unit priced higher now than at 2007 peak
Here's a question I thought I'd take to the forums since I can't seem to wrap my head around it...
I'm currently looking at a multi-unit and the numbers look good as far as the monthly cash flow, ROI, price, rents (relatively stable), etc. BUT, generally as part of my analysis I look at the value of the property over time according to the local assessor's office and it looks like the property is now being priced higher than it was in 2007 (at the peak of the market). I've never run across this situation in this particular area and I'm trying to figure out how the numbers seem to work out well, the rents have remained pretty consistent, yet the price is beyond what it was at the peak in 2007. The only thing I can think of is that the assessor's office got it wrong..??
Has anyone got any ideas? Anyone seeing this in their area?