Quick Comp Needed for Savannah, GA house/duplex

3 Replies

I'm looking at a note secured by a duplex near the intersection of East Anderson St and Price St in Savannah, GA. It shows up as a 5 bedroom/2 bath duplex, 1500 sq ft, lot size, 42' X 106', and I'd like to get another opinion on value from someone who knows the area. It looks like it's abandoned and locked up. Based on just this info, what is a range of "as is" value? (or what would a trustee sale buyer buy this for at auction?) What are duplexes going for in the area if they are all fixed up? Is it more valuable if it's converted to an SFR? I appreciate any help. Thanks!

Andreas,

  I am from Savannah, I cant tell you exactly the comps because I haven't been in town in a few years, but I can tell you that is in the ghetto.  It is slowly getting better, mainly thanks to SCAD, which should be your primary consumer if you get it fixed up well, young college students with daddys money are great.  A duplex in that area would most likely be in the 100K range, say 95-110 depending on its condition etc.  Also you have to be very careful in Savannah, it is the largest historical district in the USA, which places a great deal of regulations as far as renovating an historical property, and also jack up the price for an "historical" property.

Price and Anderson is not the best area, but if you plan to hold it for awhile it could be a good play, as long as the gentrification continues you could catch some good appreciation.

Originally posted by @Greg M. :

Andreas,

  I am from Savannah, I cant tell you exactly the comps because I haven't been in town in a few years, but I can tell you that is in the ghetto.  It is slowly getting better, mainly thanks to SCAD, which should be your primary consumer if you get it fixed up well, young college students with daddys money are great.  A duplex in that area would most likely be in the 100K range, say 95-110 depending on its condition etc.  Also you have to be very careful in Savannah, it is the largest historical district in the USA, which places a great deal of regulations as far as renovating an historical property, and also jack up the price for an "historical" property.

Price and Anderson is not the best area, but if you plan to hold it for awhile it could be a good play, as long as the gentrification continues you could catch some good appreciation.

 Thanks for the input, which is in line with what I've been hearing re: SCAD, ghetto, and gentrification. The price range for properties in that area is huge. The BPO came back low but it said the price range is $49k-$259k for houses in the area. A price range like that is great for the investor that really knows that area but is an extra risk for someone like me.