Hi all! TIA for all the help. This forum has been a lifesaver for a newer appraiser, such as mysef.
I have an odd subject I'd love to hear opinions on.
My subject is a 1900 build, originally built as a single-family home. It was converted to an up/down style duplex in the '60s but hasn't been rented in 20 years. The city records it as a duplex. Zoning allows SFR and two-family. It has been owner-occupied with the owner using both units since then (there is an interior staircase leading to the upper level). There is only one elec. meter and one set of mechanicals (not typical for mfr in my area). The home is also in terrible condition. The owner is 90 years old, didn't have any working appliances, and finally asked his neighbors for help after his forced air furnace and water heater went out. Definitely C5 as it is liveable but the mechanicals are nearing the end of their useful life.
The appraisal is for non-lending purposes. The VA is requiring the owner to get an appraisal and wants it sold for at least the appraised value- with the proceeds going to the VA to pay off a reverse mortgage.
Considering the lack of utilities, small size, and need for both mfr/SFR in the neighborhood, my opinion of the highest and best use is single-family. At this time I plan to use the single-family GPAR.
As I said, I am a newbie (6yrs in the biz) and I haven't run into this type of situation before. Again, thanks for any guidance you have to give!
I have an odd subject I'd love to hear opinions on.
My subject is a 1900 build, originally built as a single-family home. It was converted to an up/down style duplex in the '60s but hasn't been rented in 20 years. The city records it as a duplex. Zoning allows SFR and two-family. It has been owner-occupied with the owner using both units since then (there is an interior staircase leading to the upper level). There is only one elec. meter and one set of mechanicals (not typical for mfr in my area). The home is also in terrible condition. The owner is 90 years old, didn't have any working appliances, and finally asked his neighbors for help after his forced air furnace and water heater went out. Definitely C5 as it is liveable but the mechanicals are nearing the end of their useful life.
The appraisal is for non-lending purposes. The VA is requiring the owner to get an appraisal and wants it sold for at least the appraised value- with the proceeds going to the VA to pay off a reverse mortgage.
Considering the lack of utilities, small size, and need for both mfr/SFR in the neighborhood, my opinion of the highest and best use is single-family. At this time I plan to use the single-family GPAR.
As I said, I am a newbie (6yrs in the biz) and I haven't run into this type of situation before. Again, thanks for any guidance you have to give!