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Updated over 8 years ago,
Lack of Comps for Multi-Unit Property
I'm in the middle of analyzing a potential 6-unit rental property. Looks like a pretty good deal but one thing that concerns me is there aren't any other Multi-unit properties nearby. The county assessment actually values it via the cost method due to lack of comps and as such has given it an assessment value way below what it's actually worth in terms of what it can cash flow as an investment property.
Should i be worried about this when trying to get a loan from the bank. Are they likely to view it in terms of what it can and has cash flowed with rents and derive a value based on that or are they likely to go off of the county's assessment? Thanks for the help.