Financing for two homes on one property

4 Replies

I am looking at making an offer on a property that is zoned for single family but has two SFH dwellings on it. I am concerned though that after stabilizing it the property may not appraise high enough due to a lack of comparable properties nearby. How have y'all handled this in the past? Does anyone have a recommendation for a lender that can handle this type of property? Its in FL by the way.

Thank you!

@Jared Townsend

If it is 2 SFR on one parcel the appraiser will view it as a duplex, for value purposes. At least that has been my experience.

It probably will have a hard time appraising for what 2 SFRs on individual parcels will.  

I would go to your local zoning department and see what can be done about it.  Perhaps you can reparcel the land into 2 separate deeds simply by getting it appraised and submitting the legal description.  Perhaps there is an appeals process that it must go through.  

@Jared Townsend

It would be looked at as a 2 unit.  Comps may be difficult because they more than likely won't be similar in style or design, but that's how an appraiser and really any lender will look at it.

Once you acquire the property, look into splitting them up, but be careful to note that there may not be comps for whatever type property you create.  It may not be typical for the neighborhood.  I just ran across one of those in Atlanta and it is turning into a mess for the investor.