Drive By request for a multi family

[Webbed Feet]

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A drive by and assessor's records on their onwn will be of little use. a drive by on an SFR is hard enough, one on an income property has such a low level of reliability that in most cases it is not an assignment most appraiser's would take.

Yes, I agree. "Most" appraisers need much more training and many of them need to be very careful about accepting any assignments at all. Because based upon their reports, even with interior inspections, far too many of them are the specific cause of "low level of reliability" themselves.

 

[Elliott]

It depends. I've turned down request from lenders who wanted to finance a plex with a drive-by.....too much risk and uncertainty. I've had lenders call and want a drive-by for loan monitoring purposes, and I'm okay with it.

 

[ZZGAMAZZ]

My small noggin thinks that a drive-by would be more pertinent to a multi- rather than a single-family residence. Bedroom count is the primary unknown factor. Public records and the exterior inspection reveal location, view, date of construction, GBA, garage count, etc., etc. Current condition of a multi is less critical than it is to a single family because market reaction pertains to a new, hyhpothetical tenant moving in; virtually every rental unit, in any hood, is brought up to market acceptance prior to a new tenant moving in. The relative significance of the cost to cure deferred maintenance is diminished b/c the opinion of value is based on the market rent as well as the SCA.

 

[CCAAMO]

My small noggin thinks that a drive-by would be more pertinent to a multi- rather than a single-family residence. Bedroom count is the primary unknown factor. Public records and the exterior inspection reveal location, view, date of construction, GBA, garage count, etc., etc. Current condition of a multi is less critical than it is to a single family because market reaction pertains to a new, hyhpothetical tenant moving in; virtually every rental unit, in any hood, is brought up to market acceptance prior to a new tenant moving in. The relative significance of the cost to cure deferred maintenance is diminished b/c the opinion of value is based on the market rent as well as the SCA.

The problem comes in the income approach. It might work if all the the units are the same size and room count but if all the units are different sizes and or bedroom/bath count, the public records will not given the size and room count for each unit in most cases. So barring a old appraisal or relying on what the owner tells you, you won't know.

 

[Howard Klahr]

the public records will not given the size and room count for each unit in most cases.

Hasn't anyone ever heard of the building department aka public records. Most municipal building departments retain copies of building plans all available through a public records request

 

[Webbed Feet]

Hasn't anyone ever heard of the building department aka public records. Most municipal building departments retain copies of building plans all available through a public records request

Here I find market support for post number 31.

LOL