I am practicing pulling comps by finding REO’s on an MLS type service, and then finding comps for them and getting a ARV for the subject property. All subject properties I post here are simply for comp pulling exercises, not anything under contract.
-Within same subdivision, not crossing major roads
-sold within last 6 months
-within +/- 10% sq ft preferably, if not enough comps +/-20% sq ft
- +/- 11 years year built
-try and get as close to bed/bath/garage to subj prop as possible
- At least 3 sold comps
1,250 sq ft
1961 year built
Tax Roles: $85k
sld$/ sqt: $57.31
description: Not distressed, but needs a few updates.
Note* I Would have liked a stronger comp here (full retail flip value), but this will have to do.
sld$/ sqft: 63.34
sld$ / sqft: 68.76
Median Sold$/ Sqft for selected comps: $63.34
ARV of subject property: 1,251(subj prop sq ft) x $63.34(median comp sold$/sqft)= about $80k, which is actually very conservative considering the tax roles appraised at $85k
Did I do it right as far as sold comps for example 1?
I would like to use this thread to post several examples so I can continue to learn, if thats ok.