how to run comps on a 3 unit multifamily?

[Devin Mann]

im working as a real estate agent at keller williams in New hampshire, NH.   i am trying to get comps on this 3 family and it isn't working too well.  i have other people in the office helping me out a little bit but they all have a different way of doing it and each say "multi-families are hard".

was hoping investors had a better way of being able to run comps using nneren.

my prices are ranging from 140k-230k

[Bill Gulley]

First, the price spread is waaay too much, you can begin by pulling comps about 20% below and above your estimated price for a range, you can exceed 10% in adjustment for a good assessment. This goes to your market approach.

As Will mention, inventory can be limited, in that case you rely more on the income approach and replacement less depreciation. Depreciate from the economic life. You need at least two approaches to value to rely on more heavily than the third. 

You might look to a weighted average of the contribution of smaller and larger unites, a duplex and 4-plex for a tr-pex. You know you only make adjustments to the comps, never the subject. Bring the comps in to be most similar to the subject.

If you can't find comps, an appraiser may not either, properties that can't be comparable aren't really marketable since financing will be necessary. 

If there is a loan on it, talk to that lender, they may be willing to finance it again and they can tell the owner/borrower what they carry the loan to value at. 

I have had properties appraised through banks and hold open the appraisal. The bank must be the client and pay the appraiser, sometimes that can be worked out. You can tell a buyer the bank already has the appraisal and it can save them money if the apply there. You know you can't direct a buyer to a lender. And, depending on the policy of another lender, that first lender may "assign" the package to another lender, so long as it doesn't get out of the control and custody of the lenders. 

Good luck :)