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Pencils very nicely

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CANative

Thread Starter
Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Comment on MLS listing for a residential type property..

The 2bd 2ba home has been reduced to 333,000 and the lot next to
it down to 170,000. Your clients can build 3 units on the lot and
another 2 units behind the existing home. Bring your investors it
pencils very nicely. Happy Holidays to all.

Rents in this neighborhood are about $1,000-$1,100 per month +- (Probably less for cramped units or units "in the back yard."

Does this "pencil very nicely?"
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
They've been using "new math" in California for quite a few years now.
 

CANative

Thread Starter
Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Here's a another...

Remarks: Excellent opportunity to own a block-long commercial property in the heart of Mendocino Village. Over 7,000 square feet, with mixed uses including residential, retail, office space, storage and vacant land. Well located in the business area, the five buildings currently produce a good income.

Confidential Remarks: Income...$57,000 gross per year. Please do not disturb tenants. Will look at all offers.

Listed at $1,800,000
 

Jerry Lieb

Junior Member
Joined
Aug 14, 2004
Professional Status
Certified General Appraiser
State
California
And this is why the term "Upside Potential" originated...!!!
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Here's a another...

Confidential Remarks: Income...$57,000 gross per year. Please do not disturb tenants. Will look at all offers.

Listed at $1,800,000

Just out of curiosity, what are the GIMs in the area? (this one pencils out at 31.5)
 
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