Comps Sold Recently For 6 Times The Amount Of Subject

6 Replies

The property I'm looking at and the comps are all 2 bd 1 ba with the exception of 1. They all need full rehab and the comps recently sold for $1,350.000 each. It's 4 properties right next door to one another bought by the same company. The subject property is 3 houses down from them, listed for $294,900. I know it would be best to add an additional bed and bath.The property has been listed for 92 days and I reached out to the Realtor to schedule to go view it but they advised the home is occupied and the seller hasn't replied to them. What should my next steps be and what would be the best way to analyze it with the comps being way higher than what it's worth?

The fact that the property has been listed for 92 days tells me a lot. It may have structural issues, weird layout, tiny bathrooms, outdated electrical, or a combination of issues. You need way more details before determining a value and making an offer, and that's if you contact the seller. 

I wouldn't waste anymore time on that dud and move on. 

@Jaron Walling thank you for your input. I was thinking the same. The other properties that were bought look like they're all in the same condition. The area is developing and thought it would be a good time to find something now. Zipcode 30341 in Atlanta. Chamblee/Brookhaven area. I know you're in another state but you could know the Atlanta market. I'm still learning how to discover what is a good deal and not. I know it's base on the numbers. I live close to the area and started to drive around to see if there were any vacant or homes that need some TLC. Then again that's time consuming. Need to learn an more efficient way. I've attended a couple meetups and I've noticed most say people have given them leads.

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