I am trying to estimate ARV on a house with 2 stories that has no comps in area without 2 stories. How much value would this second story add in Nor Cal or where would I find this out?
That is a tough one. You could do an ARV projection based off the price per square foot of the properties which are most comparable although without a second story
@Cody Evans if you are looking to flip I️t then you might have a problem selling I️t since I️t will be the most expensive home in that zip code.
@Cody Evans generally single story sells at a premium to two-story given equivalent square footage. So if there are no two-story comps try to find a single-story with similar square footage, bed/bath count, year built and lot size. Then deduct a little. How much to deduct? That’s tough to answer...it depends on the market. Could be $0. Could be $25K. In higher-priced product to could be more than $25K.
You’ll be a test pilot here because without two-story comps the true answer is unproven. If the subject has far more square footage than the single-story comp set you’ll really be flying blind. Price per square foot won’t work when there are large variances between the comp set square footage and the subject.
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