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Duplex Appraisal

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donjun

Freshman Member
Joined
Jun 3, 2008
Professional Status
General Public
State
Florida
In general, would a duplex or a house be appraised higher? Considering that square footage, location, style of building, etc. are the same. The neighborhood is mostly single family.

At this time I have a choice. The property is being used as single family, but it looks like a duplex. It would be very easy to close up a couple doors. and make it a true singly family dwelling.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
You must do a highest and best use analysis, there is no hard and fast rule. I have seen older SFR's that were converted to duplex sell for less than similar style SFR's in the same market area.
 

realbiz

Junior Member
Joined
Mar 14, 2008
Professional Status
Certified General Appraiser
State
California
You must do a highest and best use analysis, there is no hard and fast rule.

Very good answer. But, if you want a random opinion. In most cases I have seen in Southern California the SFR is worth more than a duplex in the same neighborhood. They are viewed different, the typical homeowner wants a SFR. Most do not want rental property, unless it will be used by family members. Also, you can not just closed up doors and call it a duplex. The zoning would have to allow, and city should approve its use as a duplex. I suggest you pay a local appraiser to given you the correct answer, it may be well worth the money spent.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
In general, would a duplex or a house be appraised higher? Considering that square footage, location, style of building, etc. are the same. The neighborhood is mostly single family.

At this time I have a choice. The property is being used as single family, but it looks like a duplex. It would be very easy to close up a couple doors. and make it a true singly family dwelling.


What are your investment goals?
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
You might want to start by looking at the zoning. Is the second unit legal? Often an SFR with an accessory unit will appraise for more than a duplex. There are a lot of variables to your question. Also is the square footage typical for the neighborhood? Will absorbing the second unit make iit much larger than everything else? There is a law of diminishing returns.
 
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