Determining Value Before Going to Hard Money Lender
Hi Everyone,
I've come across a potential deal that has really drawn my interest. It's a single family in a town that isn't typically known for great numbers, but it's a very motivated seller and I think I could really make it work with some sweat equity. It's currently a 2400 sq ft single family in an area that I don't think will draw home buyers but renters. I'd like to gut it and split it to possibly a duplex with a 3 bedroom lower and 2 bedroom upper unit. I've checked the local listings, and there is nothing in the town that has a freshly renovated duplex for sale. There are a couple of 3 or 4 family properties going for about 200k double what this single family is listed for, but they are old, chopped up and not updated. How can I get an ball park number of the value of this thing ARV so that I can start talking to hard money lenders?
Thanks for the help!