Looking at my first property today.

[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 ? 

[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