Duplex Advice- Convert or Sell As Is

[Jean Moynahan]

Hello All,

First timer here, my questions regards a duplex I plan on selling. Getting different advice from diff realtors on selling price and strategy. The sfh homes in the area fetch much higher prices than multi families. Because there are sparse multi families in the area, comps vary widely, from high crime urban areas  to rural farmhouses. Makes it difficult to get accurate value because of small sample size.

Some info

Location, affluent west shore suburb of Harrisburg, low crime,  family oriented neighborhood

Ranch style, 2400 Square Feet total, everything updated by hvac system (works fine)

Each unit has 2 bed 1.5 bath, one is 1400 sq other is 1000

Rent is 1450 one side, 1500 the other, renters pay all utilities

Insurance, maintenance, and yard upkeep total 3000 a year

Good renter clientele, most are doctors or nurses, close local hospitals

Both have separate driveway and yard 

Located in well of neighboorhood in low tax hampden township, taxes are 3500 a year

The duplex was grandfathered, out of the 400+ houses in the  development, there are only 5 multifamilies. 4 houses down the street sold for between 380-400k in the last 4 months. Their sq ft and size/quality are comparable to the duplex. 

The township is supportive of conversion to sfh, spoke with their rep and said because the way the duplex was constructed (rancher) permits are easy to attain. Conversion also estimated to be smooth because of architectural style. Total cost of conversion estimated to 15k.

  In a case where duplexes are rare in the area, and comps are unreliable, sample size too small, etc, what would you do?  Convert and sell as a single family or sell as a  duplex. I am  moving to Fl and need to sell it,no remote management for me.

[Winston Covington]

Get an appraisal from a Senior Residential Appraiser and you will have your answer. Your first question is always…what is the highest and best use for the property.