Subject Property Wood Frame Exterior Comps Brick Exterior How to Adjust?

Question

EDIT: Siding is VINYL not wood.

About to pick up another rental for myself potentially. The problem is the subject property has a vinyl frame exterior and all the comps have brick exterior, and because of this doesn't really conform to the rest of the neighborhood.

Subject Property 1450 sq ft/ built 1987/ exterior vinyl / ARV ???

Comps: 1. 1530 sq ft / built 1987/ exterior brick/ Sales Price 112,000

2. 1480 sq ft/ built 1999/ exterior brick/ Sales Price 108,000

3. 1540 sq ft/ built 1987/ exterior brick/ Sales Price 109,000

I am not sure how to value the wood frame exterior and deduct from the ARV since the surrounding com parables are all brick.

Thanks everyone

Samantha M. · Answer

Any one else before I set up to close on this?

Samantha M. · Answer

Joel Owens

This is an older neighorhood from the 1980s and the subdivision has no mandatory HOA.

Joel Owens · Answer

Was it originally vinyl siding or put over something else later on??

I am surprised they allowed the seller to have vinyl siding. If the rest of the development is brick if they have an HOA they will not allow cheaper materials to be used on the exterior of homes.

The problem with vinyl siding is some brands and years are defective. Also even if they have extra sheets laying around and you need to replace damage the color will not match perfectly. The sun hits and fades the colors after awhile. The vinyl gets cracked and the wind can rip it off. Are you sure this property does not have HOA liens for non-compliance of the exterior??

Samantha M. · Answer

Joel Owens

I just pulled out my notes from my conversation with seller. The property has a VINYLE exterior sorry for the confusion, not sure why I thought she said wood.

This property would be a rental, so I would likely leave the siding wood or vinyl whatever it is she is using.

Joel Owens · Answer

Is it cedar wood siding?? Usually it rots at the bottom and many owners replace just one side of a house or the bottom sections over time with hardi plank.

I would get an estimate of what it would cost to tear off and put brick on. Are the comps brick 4 sides, brick front, or brick front and sides but back is hardi plank??

Are you looking at this for a flip, wholesale, or rental??

Subject Property Wood Frame Exterior Comps Brick Exterior How to Adjust?

5 Replies