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Updated about 12 years ago on .
Pulling comps on a new house in a old neighborhood
I'm looking to buy my first rental property. Its a duplex with an asking price of $124,000
My play is to buy it with hard money and refinance into a long term loan.
The problem is that the house is fairly new compared to other around it (built in 2006). There's two like that sold recently for 115k and 152k. Both were built in the 60s and a bit far from the duplex I'm looking to buy.
I'm heading to the property now to do a walk through.
How do I come up with an asking price?
*note. I will be living in the building, and renting one side out. Its a 3 bed 2 bath rent comps are $900 -$1100. I don't have the money for conventional leading. Hard money may be my only options