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They going to squeal like a pig with it tail being cut off ;-(

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Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Duplex

They want $350K, it sold for $264K in mid 05 and the best I can do to day, the very best, the very very best is $230K Fair Mkt Value by assessor is $269 as of 06. The owners live in Ca.

Cash flow $22K per year gross. Less expenses, sinking fund and other cost about $19K per year. With lots of empty rental units in town.

I really don't want to send this one in tomorrow. They going to squeal like a pig that had it tail cut off.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Are you sure it is their tail being cut off? I have been at pig farms, there are different kind of squeals.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I be having six sales in the past year in the four town area. Thirty three listing now and some have been on the market up to 582 days. There are 145 that have been expired or with drew from the market in the past 24 months.

Not a good picture for rental units and this is just the duplexs. Mutli Units more then two units the numbers are higher and longer days out on the market.

Not a good area for rental investment.
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
I just finished a duplex in Oxnard, CA...Only 5 transfers in six months and one mile, four of them were to banks (REO). So, really only one sale. Sad thing is, there are 15 duplex's for sale within one mile (not including 3-4 units). 4%/month decline, investment properties are getting hit, too many bought on adjustable ARM's. This is only the beginning of the slaughter, time to invest in Chicken, it's better for you.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
It seems every report I complete these days I cringe when hitting the send button.
 

sammiboii

Freshman Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
If they start squealing like a pig, start playing a banjo and tell them you're from West Virginia. If you're not catching my drift, I'm making a reference to the movie "Deliverance".

It is what it is though and as long as your data is well supported, what can you do.

Good Luck. You'll need it now and in the times to come.
Sam
 
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