Do Banks appraise Rentals the same as Primary Residences?
Hey all,
I'm looking at doing the BRRR strategy and I'm having trouble finding the ARV of the property. I'm looking at investing in college rentals that are single-family houses rented by the room that are zoned multi-family. There are no sales of these types of properties that are in good shape, all of the sales are from distressed properties. I'm wondering if the bank's appraisal will only look at other multi-family zoned properties for comps, or would include other properties in this case since they are both technically single-family homes. There are other comparable homes that are nearby, but they are not zoned multi-family. Do appraisers even care what the owner is using the property for?