Closing on 3BR/1BA Condo, Market Rent Appraisal Came in WAY low

[Christian Nachtrieb]

Interesting dilemma just popped up during the tail end of our financing period while trying to close on a 3BR / 1BA condo here in Boston. The appraisal came in just right for the value of the property, but the rent figure this guy came up with was so far off even my lender called me and said, "I nearly fell off my chair I don't know where he got these numbers."

Property is in Dorchester, 3BR 1100 sq. foot condo he suggested $1300/mo!! Meanwhile, I'm renting a 450 sq. ft. 1BR (down the street) near Ashmont FOR $1550 PER MONTH. What is he smoking and what's the best way to move forward with getting this resolved?

Thanks group!!

Christian

[Tyler Gibson]

@Christian Nachtrieb If you know any property managers then I would have them give you an estimate. You can also look on rentometer.com.