Evaluating a Family Compound

[Bruce Olsen]

We're looking at kind of an oddball property and would appreciate any suggestions for evaluating it.

It's basically a small family compound... 2 SFRs on a single .9 ac lot with a swimming pool located between them. The larger, front unit is 2 stories, about 2700sf. The rear unit is 1 story, about 1500sf. Most of the yard between the 2 houses is paved. It's about 10 years old. The owner built it to house his son's family but the last grandchild is about to move out. 

The area (located in Corona CA ) is zoned to permit a "secondary residential unit". The owner must occupy the front unit, and city code seems to allow it to be rented (many cities in the area permit a 2nd unit but require it to be occupied by a related person).

There are some comps nearby that have roughly similar dwelling space but in a single structure. 

The closest we've come is to find a range of price/sf values, but the property value is north of $700k so that doesn't work all that well.

Help!