Duplex Appraisal Question
My wife and I just bought our first duplex. With our local market we got into a bidding war above asking price but I bet that others are not considering the recent hikes in rents in my area.
Purchase price: 283,000
Rent: $1,350 per unit
Appraisal: $270,000
The duplex was vacant at the time of the appraisal and the estimated 1,075 per unit and came to the appraisal amount of $270k by multiplying the estimated rent by 125 (average Gross Rent Multiplier).
A) since I have successfully filled both sides of the duplex with tenant paying $1,350, is there anyway I can capitalize on the presumed equity this could add? Actual rent of $2,700 multiplier by 125 GRM would have given an appraised value of $337,500. Or is this largely irrelevant since it is 1-4 unit property?