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Appraising a single family unit with a duplex on the site

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
In house or secondary market? If in house, you have a lot of options. But finding other properties that sold with more than one house on the property is the starting point. If for secondary market, I would decline it. And in any event ,it is about $1200 plus for a fee, because it is at least 3x harder to find comps.
 

Cob

Senior Member
Joined
Mar 30, 2006
Professional Status
Certified Residential Appraiser
State
Texas
This would be a Tri-Plex where I live.
 

sputnam

Senior Member
Joined
Apr 24, 2012
Professional Status
Certified General Appraiser
State
North Carolina
Yep. It's a three unit property. If you try to report any other way... like on a 2055 with ADU checked... you are delivering a misleading appraisal report. That's a USPAP violation. You have a few acceptable options. Use a hypothetical condition. Report the property on a 2-4 family form. Write a narrative.
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I took this order after I researched it being a SFR with a legal ADU.
When I saw the property, the SFR has been converted with a not legal in law. I asked client what I should do. Didn't give me direction.
So, I appraised it as SFR, legal ADU, and an illegal in law.
It was a mess and time consuming.
Eventually the client asked for 1004D with removal of kitchen in in law and convert walls back to SFR but legal ADU still in place.
Once in awhile, you get a nightmare order.
 
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