All Forum Posts by: Isadore Nelson

See screenshot attached for a property in the area currently up dor sale. How could the tax assessed surpass actual value when it's usually the very opposite?

Quote from @Ko Kashiwagi:

I don't know about how assessed value is determined there, but tax assessed values are typically not accurate and are usually much lower than actual value. The best way to determine value is to take a look at the property (or get videos) and run comps online. Look at similar houses sold in the last 6 months in same area. You can also ask your agent for a CMA, if they know how to run proper comps

 Sure, that's what I don't understand. See screenshot attached for another property in the area currently up for sale. How could the tax assessed surpass actual value when it's usually the very opposite? 

Good afternoon,

I'm looking at a property listed for $52,000 in the 19134 area of Philadelphia, where similar properties are selling between $50,000 to $75,000. I asked an agent about typical bank appraisals for similar properties, and they suggested values between $100,000 to $120,000, which seems unrealistic to me. Another out-of-town real estate enthusiast, using local comparables, estimated an After Repair Value (ARV) of $40,000 with high confidence. The tax assessment values the property at $56,000, but, on the contrary, I find tax assessments tend to be conservative. So, I'm now quite confused about the true value of the property.

How can I get a reliable opinion that aligns with a potential bank appraisal?

Good afternoon, I am a first-time investor looking to get started with my first property. 

I've for over a period of 2-months been looking at properties in the cheapest neighborhoods in Philadelphia, namely those within the 19134 zip-code. It seems that properties in the area can range on average from 50k-75k. I'd like to acquire one for say 60k with a 20% down-payment of 12k. Monthly mortgage payments including insurance and tax would be around $475 while the rent would be around double that, leaving me with a monthly cash-flow return of about $500. 

Is this a reasonable expectation and a good option?

I'd love to hear any of your feedback, thank you!