figuring comps in Northern Michigan

[Janine Johnson]

Hi all-- I am looking at comps in Northern Michigan-- popular

place but not a lot of comps to pull.

comps I could find--sold dates 5-16 to 10-16

Subject property--1972--3/2--2197 sq ft-- asking $145,600 (REO)

{ my ranges age of homes 1967 to 1977}

{sq ft range 1868-2526 ( 15% up or down}

1-1979--4/3--2218 sq ft--$185,000

2-1977--3/3--1620 sq ft--$165,000

3-1975--3/2--1104 sq ft--$182,500

*4-1974--3/2--2243 sq ft--$237,200

5- 1978--4/3--1813 sq ft--$219,000

The only one I can see that I could legit use would be #4.

What do I do here when few comps to pull from?

thanks

Janine

[Michael Ventura]

Hi Janine, it can be tough with out a lot of 'like' properties to pull from... I find the same issue with some collage towns I invest in in South East Michigan. If they are rentals I would use gross rent multiplier. That may give you an accurate place to start. If not, a local realtor or appraisal company may be the way to go... the bank may also have this information available if they are REO properties. Good luck, Michael V