All Forum Posts by: Kerry Reece

@Jeff White Thanks so much for the update! Nice to know they called it a fourplex. Congrats!! And living in the basement too? Smart! Way to go! Wish you the best. 

@Jeff White typically the contract rents at the subject will serve as the best "rent comps"  for the subject's market rents; however in this case, where the units are being rented for well below market, the appraiser will not give much weight to the contract rents at all and base rents heavily on other market rents.  Also, because an appraiser will be projecting rents going forward to come to a value conclusion, current low in-place rents won't really affect you negatively. The appraiser will know they are way under market. Hope this helps Jeff!

Hey Jeff!

I'm a commercial real estate appraiser. I would value this as a quadplex/fourplex because I would use the income approach to value and take into account that there is rent from four separate units. That's just me personally, but I would think the appraiser would see it that way too. 

Sometimes addresses can be different on the assessors website from the address you are provided. The best way to make sure that you are getting the proper information on exactly what you're looking for is to look the property address up on the GIS mapping system for your particular county. This way it highlights the parcel and you can verify that the address, parcel number and physical location all coincide. This will get you the proper information you need for the property at question as well as other great information in the property. I usually like to call the tax collector too. They can tell you if the taxes are current on the property, meaning have all taxes been paid for prior years. They can also often tell you the upcoming tax rate for the property so that you can better predict your tax liability for the upcoming year.