4 Or 5 Units?

[DanBuck]

I know you mentioned that it is an oddly-shaped building, but I'd do your absolute best to have the three units which you have viewed mapped out.

Just to show how crazy the shape is-which is why its easy to miss an extra unit.. see pics

 

[Michigan CG]

Just to show how crazy the shape is-which is why its easy to miss an extra unit.. see pics

Looks like a hot mess.

 

[DanBuck]

I know you mentioned that it is an oddly-shaped building, but I'd do your absolute best to have the three units which you have viewed mapped out.

Just to show how crazy the shape is-which is why its easy to miss an extra unit.. see pics

City or county permits available? H&BU? Might your client want one to inspect all the improvements, if so, you put it on your client as the reason for a complete inspection. Are there three levels to the improvements, attic and/or basement?

There is a slight attic- basement i dont think there is...

 

[DanBuck]

Just to show how crazy the shape is-which is why its easy to miss an extra unit.. see pics


There is a slight attic- basement i dont think there is -unfinished at least...

 

[DanBuck]

I know you mentioned that it is an oddly-shaped building, but I'd do your absolute best to have the three units which you have viewed mapped out. I'd convey all of this to the client as how can you determine market rent on that 4th or 5th unit if you don't know what's there? Same on the sales comparison approach - two small studio units would have a different value than a larger 1 or 2 BR unit

Assembled units in apartments isn't overly uncommon though, such as where they take two 1 BR/ 1 Bath units and make it into a 2 or 3 BR, 2 Bath unit. Usually the second kitchen is removed in those cases, though they often still have two front doors.

btw-whats the best way to tell or signs to know that two units combined into one- What would be in the place of a previous kitchen?

 

[Dublin ohio]

Since you have not been able to do a complete inspection. Why jump to any conclusions. Building records can be wrong or the configuration could have been changed. Just do a thorough inspection. Open every door in the building. You should be able to correlate the exterior footprint with the interior as you go through the building. Use windows and doors as points of reference. Hard to believe you would not notice a "hidden area" large enough to be an additional unit.

 

[George Hatch]

I almost always do detailed floorplans; it's a lot easier to convey what I'm seeing - especially in situations like this.

 

[DanBuck]

Since you have not been able to do a complete inspection. Why jump to any conclusions. Building records can be wrong or the configuration could have been changed. Just do a thorough inspection. Open every door in the building. You should be able to correlate the exterior footprint with the interior as you go through the building. Use windows and doors as points of reference. Hard to believe you would not notice a "hidden area" large enough to be an additional unit.

Perhaps. Btw what would be an indication or red flag that units were combined or kitchen may have been altered to something else..

 

[gregb]

Perhaps. Btw what would be an indication or red flag that units were combined or kitchen may have been altered to something else..

If a kitchen has been altered, is there an extra bathroom? Based on what I have seen locally, the tax assessor might believe there are five units in a property, based on some original plans going back many years, however, only four units were actually built. Bottom line, the bank and the appraiser want to determine what is actually in existence, as opposed to what a third party thinks is in existence. If you find there are four units on the site, discuss the five unit misconception, then value the existing four units. One paragraph should suffice. BTW, you need to measure all the external walls, then on the interior inspection allocate all the space into the what the units comprise on your exterior sketch.

 

[DanBuck]

If a kitchen has been altered, is there an extra bathroom? Based on what I have seen locally, the tax assessor might believe there are five units in a property, based on some original plans going back many years, however, only four units were actually built. Bottom line, the bank and the appraiser want to determine what is actually in existence, as opposed to what a third party thinks is in existence. If you find there are four units on the site, discuss the five unit misconception, then value the existing four units. One paragraph should suffice. BTW, you need to measure all the external walls, then on the interior inspection allocate all the space into the what the units comprise on your exterior sketch.

This exterior shape is a nightmare. The owner doesnt want to discuss misconception-according to him there is none. if its 4 now and its not supposed to be a 4 isnt it illegal anyway for being altered even to a lesser extent?

Btw im doing a couple other props for this same guy. One of the 2 unit props, also I couldn't get into one of the units. Borrower has to get back to me about getting into that unit as well... Not sure if this is info relevant to you.

Still any clues as to a combined illegal unit?-he may have masked it well.