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Updated over 5 years ago on . Most recent reply

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38
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Marcellus P McKinley
22
Votes |
38
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MLS data missing for house. Is this normal?

Marcellus P McKinley
Posted

Morning y'all!  

So I've been starting to analyze a few properties to buy my first small multifamily, and I noticed something odd about one in particular. It's a 4-unit located in SE Virginia with an asking price of $125K. It's been on the market for quite a while, so I think I can negotiate a lot lower. Based on median rent in the area, I think I could make pretty decent cash flow, depending on repairs and such. The problem is... there's a LOT of missing information. No square footage, no lot size, and odd tax data. Annual taxes are extremely low for the area (anywhere really!), and I have a few questions: 

  • Is it normal to be missing a lot of things in the MLS entry for a house?
  • Should I be making any inferences about that (i.e., this is a good buy, bad buy, etc.) ?
  • How should I approach this in the future?

Thanks in advance for the help! This community truly has been great so far.

  • Marcellus P McKinley
  • Most Popular Reply

    User Stats

    278
    Posts
    100
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    Derek Diamond
    • Real Estate Agent
    • Steamboat Springs, CO
    100
    Votes |
    278
    Posts
    Derek Diamond
    • Real Estate Agent
    • Steamboat Springs, CO
    Replied

    @Marcellus P McKinley

    Hey Marcellus! That is weird how much is missing. Sometimes, I will see a few key pieces of information missing but not normally that much. Red flags. There are a bunch of steps when listing a property. The family tells the agent. The agent puts the info in the MLS. Then Zillow and sites like that pull the data down and sent it out. There can be a lot that goes wrong in every step. An agent could add an extra zero to the square feet. Or the family might have inherited the property from a passed relative and know nothing about it. There are so many reasons. If you have a go to agent I would reach out to them and see if they could do some digging because agents should be ale to get a bit more info than you are seeing.

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