• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Trouble With Comps For 4 Unit Multifamily

Status
Not open for further replies.

Barry Kirsch

Freshman Member
Joined
Feb 17, 2003
Here is the situation: We inspected a 104 year old four unit Multi...it is in a rural area, there are no comps in the immediate area that are as old. We do have some that are as old that are about 15 miles from the subject, but they are in an Urban area. About 30 miles to the west there is a community similiar to the subject's community AND has comps closer to the age of our subject...so the question is this... is it better to use the closer, Urban comp or the more distant, rural comp?

Thanks in advance for any input!
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol:

Use 'em ALL and let the underwriter sort 'em out!

Hey there is NO good answer for a situation in which there are no good comps... do the best you can and explain what you DON'T have to work with..

best you can do!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I'm doing a duplex. One unit is the original sanctuary of a church built in 1897 and the 2nd unit is the educational building, built in 1950. You think you've got problems with comps. :D

However, I agree. Use them all and charge for the distances to photo. If there's a market difference, it'll show up in the analysis.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Use 'em ALL and let the underwriter sort 'em out!
:rofl:
Been there, dun that!!! Can't add much more, other than look at local rent rates really good (Urban vs Rural). You may see a market difference there.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Have fun! Expect hassle. It will not fit into their little box. Do all the comps and write lots of comments....charge mucho loot! Learn to say "NO".

You cant make chicken soup out of chicken poop!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks