I'm working with an investor who found a property with GREAT potential, but I'm having a hard time finding comps for an ARV.
- ~1800 sq. ft Ranch
- 1.07 acres
- 4 bed, 2 bath
There are only 3 "comps" within .5 miles from property and 20 within 1 mile (sold in last 365 days). The problem with the comps is most are 2-3 beds, 1-1.5 bath, 1200-1500 sq ft on .25-.5 acres (and are very outdated). How can I best determine ARV without similar comps?
OMG another agent that does not know how to do adjustments to a CMA.
Sorry Chris this is a pet peeve of mine and no reflection on you
Go to your Broker or call an Appraiser and ask how much they would adjust for a bedroom,bathroom,1/2 bath fireplace, unfinished basement etc.
KEEP THIS LIST IN YOUR WALLET, it is probably the most valuable document you will EVER have in your real estate career.
Take an appraiser out to lunch once a year to keep it up to date
I second Kelly's thoughts. But have to wonder why you did not ask your Broker? That is what I do as a broker - support my agents that need help!