Updated about 1 year ago on . Most recent reply
Practicing find Comps/ARV
Good morning everyone!
Thought I'd throw myself to the sharks and see if I can swim with this post lol. Reviewing what I've learned online and actually put it to use on a real property. Searched around my local market and found one to practice on.
Subject Property
- Duplex
- Bed: 9
- Bath: 3
- Sq Ft: 2,584
- Built: 1945
- SOLD AS-IS (meaning it's likely distressed!)
Using Redfin, I followed the steps laid out for me, funneling sold properties nearby in the last six months with similar bed/bath and square footage, built around the same year/decade. Found these two properties.
Comp 1
- Sale Price: $1.35M
- Bed : 7
- Bath: 2
- Sq Ft: 2300
- Built: 1930
Comp 2
- Sale Price: $1.34M
- Bed: 7
- Bath: 2
- Sq Ft: 2300
- Built: 1930
The average price per square feet was $585. Multiplied that by the subject properties square feet (2,584) to get an estimated ARV of $1,511,640 or $1.5M.
How did I do? Were the properties similar enough? I appreciate any criticism.
PS.
Things I didn't mention that may be important:
- Both comps have finished basements and garage space
- Both comps are duplexes
- For the subject property, the description mentions each floor has "3 bedrooms, 1.5 bathrooms, updated kitchens with ample counter space, modern appliances, and generous living areas filled with natural light... separate utilities (2 gas, 2 electric meters)"
That last part makes me think this maybe a potential Triplex in disguise.
What are your thoughts?