Appraisal for property on border between two zip codes?
Hi BP! It's been a while since I've posted but I am coming to the well of knowledge and experience hoping for a bit of seasoned experience.
I'm buying (90% sure) a 3/1 that is 200 yards into the "bad" zip code vs. the "good" zip code" with the intent of BRRRing it. My ARV will be between $70K and $100K. If the appraiser uses only comps in the zip code where this house sits, it will come in about $70K (I predict). If he/she uses some properties from the zip code 200 yards away, the ARV could be $100K fairly easily.
In your experience, will an appraiser exclude any properties from the "good" zip code when I go to refinance? Any thoughts? Suggestions? Experience?
If the ARV comes in at $70K, I'll have about $5-7K stuck in the deal. If I can get $80K, I'll get all my money back.