Ive have looked at some homes and I am having a hard time pinning down the ARV. The tax value is higher than what the comparables are currently selling for. Im leaning towards using the formula
Comps average sq.ft. X # of sq ft of the house
because it is more conservative.
What do you think?
Aarron
What are you planning to do with it once you get it? $/sqft X size could give you a good idea and may work. Being concervative is not always the right thing to do.
adayatatime,
I would go look at 100 or more houses for sale in your target investment area. When you’ve seen enough houses (inside and out), you will KNOW the market value and you won’t have to depend on comps.
Good Luck,
Mike
Forget the tax value, its worthless. Get good comp sales (not listed prices) and use that. I really don’t know how in the world you’re ever going to get good comps seeing that you are investing from a foreign country, not sure how you are going to know if a comp 3 streets away is a valid comp compared to your target. I know in my state a difference of 3 streets away can be the difference between nice middleclass neighborhood and public (ghetto) housing. You’re going to need to work with a GOOD, KNOWLEDGABLE realtor that can help you with your comps.