Tucson Investors. Help Me Determine Property Value.
Good morning,
Well I am in the beginning stages of refinancing my 4-plex in Tucson, AZ. I purchased the property using an FHA loan and 3.5% down in July 2014. I paid $152,000 and currently owe $142,000. In 2014 when I purchased the property, it appraised for $165,000.
I have noticed some appreciation in Tucson and am hoping to get out of the FHA mortgage so I no longer have to pay PMI. I also want to move from a 30 year mortgage to a 15 year mortgage. The lender was unable to find comparable sales in the immediate area and I estimated the property had a value of $200,000. Of course I am getting an official appraisal as well, but at a cost of over $700, I would really hate if my property came up short.
To give you an idea of it's location, it is west of I-10 and north of Speedway in the El Rio Acres neighborhood. The 4-plex itself is two separate duplex buildings. Each unit has 2 bedrooms/1 bathroom and approximately 800 square feet. Each unit also has individual fenced in back yards and a laundry room. All units are electric and have A/C. Rents are $550/month per unit.
In terms of properties listed on the MLS, I haven't seen many 4-plex properties listed for under $200,000 in the Tucson area in a while. Please help me estimate what this property is worth so that I know if I am even wasting time and money trying to refinance.