Looking at my first property today.

Member since 2026 · 17 posts · 13 votes

I’ll be looking at a property in Los Angeles, California tomorrow. The seller appears to be under some distress, and it’s a duplex with an asking price of $850,000. It’s listed as being valued at over $1 million, but I’m not sure how accurate that is or how to properly verify it—especially since this is my first purchase.

What are things I should look at when viewing the property ? And where can I really check the value of the home? Do I need somebody to come out to do a real appraisal ?

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Denise SuppleeBusiness Member

Realtor · Willow Grove, PA · Member since 2017 · 970 posts · 638 votes

5mo

Hi @Toby Real. Good opportunity, but stay grounded in numbers not the listing story. When you walk it, focus on condition of big ticket items like roof, foundation, plumbing and electrical, and pay close attention to current rents and vacancy risk since that drives value on a duplex. Also look at tenant situation and any deferred maintenance that could hit you right after closing.

For value, ignore the “worth over $1M” claim and pull recent comparable duplex sales nearby plus estimate value based on actual rents. An appraisal isn’t needed upfront but can be helpful later, your best first step is solid comps and conservative underwriting

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Denise SuppleeBusiness Member
Realtor · Willow Grove, PA · Member since 2017 · 970 posts · 638 votes
5mo
Hi @Toby Real. Good opportunity, but stay grounded in numbers not the listing story. When you walk it, focus on condition of big ticket items like roof, foundation, plumbing and electrical, and pay close attention to current rents and vacancy risk since that drives value on a duplex. Also look at tenant situation and any deferred maintenance that could hit you right after closing.
For value, ignore the “worth over $1M” claim and pull recent comparable duplex sales nearby plus estimate value based on actual rents. An appraisal isn’t needed upfront but can be helpful later, your best first step is solid comps and conservative underwriting

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- Toby Real
  OP
  Member since 2026 · 17 posts · 13 votes
  5mo
  Quote from @Denise Supplee:
  
  Hi @Toby Real. Good opportunity, but stay grounded in numbers not the listing story. When you walk it, focus on condition of big ticket items like roof, foundation, plumbing and electrical, and pay close attention to current rents and vacancy risk since that drives value on a duplex. Also look at tenant situation and any deferred maintenance that could hit you right after closing.
  For value, ignore the “worth over $1M” claim and pull recent comparable duplex sales nearby plus estimate value based on actual rents. An appraisal isn’t needed upfront but can be helpful later, your best first step is solid comps and conservative underwriting
  OK, that’s great advice. Yes, I will have to stick with the numbers because California is just such a high market. As far as foundation, roof, plumbing, electrical etc. I don’t have no idea of what I’m looking at so I could really only observe the outside and inside generally rooms, etc. and facade of the outside building as well as the area of course I hope to get the tenants rent information tomorrow, so I guess with the app Realtor I will be able to see how much other property sold for in the area but not too sure of how I can find out what the rents are in the area.
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Raymond J. RodriguesBusiness Member
Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
5mo
@Toby Real are you buying cash or financing? You definitely want to get an appraisal done. If you have a lender in place, they will order one for you. Feel free to reach out with any questions.
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- Toby Real
  OP
  Member since 2026 · 17 posts · 13 votes
  5mo
  Quote from @Raymond J. Rodrigues:
  
  @Toby Real are you buying cash or financing? You definitely want to get an appraisal done. If you have a lender in place, they will order one for you. Feel free to reach out with any questions.
  
  I'm financing with a Bank Statement Loan. Ok so The Lender will send an appraiser ( I'm assuming on my expense) In what state of the deal or offer?
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Rodrigo Monge Ballestero
Member since 2026 · 5 posts · 0 votes
5mo
That’s an exciting first deal — and definitely a situation where doing your own due diligence is key.

One thing I’ve found helpful when analyzing properties is focusing less on the asking price and more on the actual income potential and comparables in the area.

I’m currently looking at a 10-room short-term rental opportunity in Costa Rica, and the difference between perceived value vs income-based value can be significant.

If you can, I’d definitely look at:
– Recent comps (sold, not listed)
– Rental potential (long-term vs short-term)
– Any deferred maintenance that could impact your numbers

An appraisal can help, but I’d rely heavily on your own analysis as well.

Curious — are you planning to hold it as a rental or flip it?
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Miles Tiglao
Member since 2021 · 28 posts · 10 votes
5mo
Quote from @Toby Real:

I’ll be looking at a property in Los Angeles, California tomorrow. The seller appears to be under some distress, and it’s a duplex with an asking price of $850,000. It’s listed as being valued at over $1 million, but I’m not sure how accurate that is or how to properly verify it—especially since this is my first purchase.
What are things I should look at when viewing the property ? And where can I really check the value of the home? Do I need somebody to come out to do a real appraisal ?

Congrats on the first step! Don't believe a seller's valuation or numbers at face value. Get comps from a realtor or tools like Redfin.

Assuming that you're buying this for investment purposes, use a real estate calculator (E.g., BP calculator.) to check if it's a good investment.

I would also look at rent comparables and how median rent has been going up/down. This will help you understand if you will make money with this property. Other things that will affect your numbers: actual vacancy rates, insurance, taxes/

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Marsiglia Granada
Member since 2026 · 14 posts · 1 vote
5mo
use some valuation tools to get a good feel for it, there are some good ones in the market at good prices.
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Steven GlickBusiness Member
Lender · Buffalo · Member since 2024 · 115 posts · 33 votes
5mo
Good opportunity to look at, Toby just don't let the seller's "valued at over $1M" framing anchor your thinking. That number doesn't mean much until you verify it yourself.

Denise is right on comps and underwriting. From the financing side, if you're using a lender, they'll order an appraisal as part of the process, so you'll get a third-party valuation before closing. But don't wait on that. Pull recent duplex sales in the area and run your numbers based on actual rents, not projections.

At that price point in LA, pay close attention to how debt service lines up with rental income. Deals can look like they cash flow until you factor in real taxes, insurance, and maintenance. Make sure the numbers work before you fall in love with it.

Have you run the numbers yet on what the rents actually need to be for this deal to work at $850K?

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Curtis CloudenPro Member
Investor · Ewa Beach, HI · Member since 2015 · 15 posts · 2 votes
5mo
A duplex for a first deal is a solid way to start.

Since it’s being presented as under market, I’d probably look closely at comps in the area and see what similar duplexes have actually sold for recently, not just what it’s listed at.

Are you planning to live in one unit or rent both out?
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Mohammed Rahman
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
5mo
When you check out your first property, it helps to focus on a few key things. Walk through both units and pay attention to the roof, foundation, plumbing, electrical, HVAC, and any signs of water damage or other issues. Look at the layout, storage, and how easy it would be to rent out each unit. The neighborhood matters too, including nearby amenities, noise, and traffic. It’s also important to keep zoning in mind and how the property fits within it, especially if you’re thinking about future changes or uses. To get a sense of the property’s value, start by looking at recent sales of similar homes in the area through sites like Zillow or Redfin, but remember those numbers aren’t always perfect. For your first purchase, it is a good idea to bring in a licensed appraiser or professional inspector because they can give you a clear, unbiased picture of the property’s condition and true market value, which makes it much easier to decide on an offer.
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Alex Wright
Investor · Cody WY, USA · Member since 2020 · 50 posts · 31 votes
5mo
Quote from @Toby Real:

I’ll be looking at a property in Los Angeles, California tomorrow. The seller appears to be under some distress, and it’s a duplex with an asking price of $850,000. It’s listed as being valued at over $1 million, but I’m not sure how accurate that is or how to properly verify it—especially since this is my first purchase.
What are things I should look at when viewing the property ? And where can I really check the value of the home? Do I need somebody to come out to do a real appraisal ?

Exiting times! First one is always a bit overwhelming

For the walkthrough, I’d keep it pretty simple and just look for the big stuff first:

• roof, foundation, any obvious structural issues
• condition of units (how dated / how much work needed)
• any signs of deferred maintenance
• current tenants + rents (huge on a duplex)- I personally won't buy a property with tenants in it already - but that's a personal preference from a horrible first time experience having to evict and go through 2 years of a legal battle, but I digress... just make sure you have a solid lease agreement in place and meet the tenants if you do buy it with them in it.

on value, I wouldn’t rely too much on what it’s “listed at” or what the seller says

best thing you can do is look at recent comps — similar duplexes in the same area that have actually sold (not just listed)

a realtor can help with that, or even just pulling recent sales on Redfin/Zillow to get a rough idea. Don't trust Zestimate though. Those numbers are wrong 99.9% of the time.

you don’t need a full appraisal right away — that usually comes later with financing

biggest thing is just making sure the numbers make sense before you get too far into it
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