Fair Market Value
hi
I'm looking at my 1st investment property and I'm a little confused. the house is currently a fourplex not in livable condition. it is an REO with asking price of 17,900. I have looked at the allegheny county website and the 2003 market value is 87,600. I don't think this is right. would that be the ARV? Also, it is listed as a SFH and all of the comps are SFHs. should I get it appraised? I would appreciate any help, especially from any pittsburgh investors! thanks in advance
stefanie
Actually the website isprobably correct in their information. I would guess the house is older and someone decided to "make it into 4 Apartments" and didn't know how to do it correctly and lost the house. I bought like that in 2001. When you walked around the back there was 4 units of gas and electric. But that's as far as the previous owner got. Except for destroying a beautiful house.
Since we got a tax increase in 2001, the previous owner didn't pay his mortgage or his taxes. So they upped the assessment to get more money .
IYou should go www.dominia.com and look for current sales from that house, If you are going to make it a 4 unit make sure there will be no zoning problems. Also make sure it is a legal four unit.
Lori
[addsig]
hi lori
thanks for the info. i really appreciate it!
stef