Detached Garage versus Parking Pad

[Emily Hibbits]

Hello!!

I just bought a house in South City (Saint Louis) and I'm struggling to figure out whether there will be a big difference in ARV whether I put in a detached garage versus a parking pad (for two cars). I'm looking at comps for other homes and they all have detached garages so I'm struggling to estimate my ARV!

I bought this house at $89K and I'm using a $33K rehab budget which will include a concrete parking pad (with entry through an alley behind the houses). The houses that have detached garages are selling from anywhere between $170k - $190k (but most are around $190k)! Any advice on how to better estimate my ARV? (Note: This is a buy & hold investment.)

[Peter MacKercher]

Correct