How to calculate Tri-level in Denver

[David Hodge]

There are a lot of tri-level houses in the area I'm targeting and I'm not quite sure how to calculate the ARV on these. The bottom level is basically the basement but they often don't feel like basements. They are garden level, have no door at the top or bottom of the stairs and just feel like an extension of the main floor. Some of these houses only have one bedroom upstairs and 2 down at the first level (basement). Would you account for the square footage and rooms like you would for a normal basement (i.e. worth less than above grade) or, since it feels like the above grade rooms, would you account for this as if it were above grade? I feel like if I give it the same worth as above grade sq ft, I might be over valuing, but if I give it the reduced basement value, I'm under valuing the property.