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Updated over 9 years ago on . Most recent reply

Account Closed
  • Real Estate Agent
  • Richardson, TX
161
Votes |
511
Posts

Analyzing a condo with no comps

Account Closed
  • Real Estate Agent
  • Richardson, TX
Posted

Hi everyone,

I came across a potential good deal but it is a condo. My main concern is that there is only one reliable comp within the building.  I don't feel very great about making my estimates based on a single comp. What factors do you take into account when you evaluate comps in condos? 

Here is a list of factors I believe will help me determine/give me a better idea of ARV:

-Building age

-HOA Fees

-Amenities/Parking

-Potential rental cap rates

-Square footage, # BD, BA, unit condition etc

-Comparing the condos to units within a quarter mile radius

-Floor level 

Obviously, it will be harder to quantify some of these factors. If anyone could give me a general though process of your estimates, I'd really appreciate it. Let me know if I'm missing anything that could be crucial in the evaluation. 

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