Help with 5 acres/manufactured in Gaston

[Kimberly Korbe]

Hi Oregon,

Before I call and turn this project down, I'm hoping to learn how to do it.
1992 manufactured home on 5 acres in Gaston.

The problem is the topography of the subject property. It appears to be around 1.5 +- acres of flat area and the rest is rugged, steep slopes.
The nice thing is that it's private, at the end of the road and with a little clearing, has a fantastic view of the valley.

All the comps are either flat or gentle sloping. I've looked at everything within miles. I have 2 land sales, both sold April 2007, both just under 2 acres. One with utilities and described very much like my subject, sold for $140K and the other, no utilities and flat, sold for $190K.

I'm not greedy and wanting the fee. I have other work. I just want to learn.
This can't be that complicated...can it?

Thanks ahead of time.

K~

 

[Dirty Harry]

Hi Oregon,

Before I call and turn this project down, I'm hoping to learn how to do it.
1992 manufactured home on 5 acres in Gaston.

The problem is the topography of the subject property. It appears to be around 1.5 +- acres of flat area and the rest is rugged, steep slopes.
The nice thing is that it's private, at the end of the road and with a little clearing, has a fantastic view of the valley.

All the comps are either flat or gentle sloping. I've looked at everything within miles. I have 2 land sales, both sold April 2007, both just under 2 acres. One with utilities and described very much like my subject, sold for $140K and the other, no utilities and flat, sold for $190K.

I'm not greedy and wanting the fee. I have other work. I just want to learn.
This can't be that complicated...can it?

Thanks ahead of time.

K~

Hi Kim,

Have you done any manufactured homes on acreage before? Taking a course on manufactured home appraisals would be a good start in learning the ropes.
Is it a conventional loan or FHA? FHA has additional guidelines that you need to be aware of for manufactured homes.

If you take the job on just make sure you know what you are getting into, have the expertise and charge accordingly.

PS. If you decide to pass on it, you can send them my way.

Good Luck!

 

[Kimberly Korbe]

It's not the manufactured home I am writing about. It's the topography of the land.
But thanks anyway.
K~

 

[Dirty Harry]

It's not the manufactured home I am writing about. It's the topography of the land.
But thanks anyway.
K~

Ok, coffee not kicken in yet!

In my opinion topography wise!
Acreage property that is not subdividable, tends to have a base value for the building site and the rest has a somewhat modest contributory value. Location and view play a factor just like any other property. Lay of the land does come into play, 1.5 acres of flat usable land probably is all that most people want to take care of anyway. The view will probably offset any negative market reaction to the rugged, steep slopes. The topography actually could be seen as a positive, as it would tend to keep the property more private from neighbors & the occasional trespasser.

Just my 2-cents.

 

[The Dog]

Hi Oregon,

Before I call and turn this project down, I'm hoping to learn how to do it.
1992 manufactured home on 5 acres in Gaston.

The problem is the topography of the subject property. It appears to be around 1.5 +- acres of flat area and the rest is rugged, steep slopes.
The nice thing is that it's private, at the end of the road and with a little clearing, has a fantastic view of the valley.

All the comps are either flat or gentle sloping. I've looked at everything within miles. I have 2 land sales, both sold April 2007, both just under 2 acres. One with utilities and described very much like my subject, sold for $140K and the other, no utilities and flat, sold for $190K.

I'm not greedy and wanting the fee. I have other work. I just want to learn.
This can't be that complicated...can it?

Thanks ahead of time.

K~

Looks like you should be able to come up with a market derived adjustment for topo/utility of the lot. You should know what the OSD portion is. If the rest of your vacant land sales identical, you should be able to calculate a topo/utility adjustment paid by the market for the fact that the lot is not as use able as a flat level lot.

After you arrive at a topo/utility adjustment, the report should not be too difficult. Good luck