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Updated about 5 years ago,
Finding ARV for an out of state BRRRR
Here's the stats.
Offer is in on a Triplex for a coastal property at 275k, with an expected 100k rehab. I hate Zillow, and this property is out of state, so it's difficult to hit the MLS and look at comps. My wife is a Realtor in our state and we're stuck looking at Zillow's recently sold section for comps. I've come up with a ARV of 490-525k, but again, such a big margin for error. Any better ways out there? We have an agent in state that we're working with...but would it be easier to just go under contract and have an appraiser take a look? I mean, looking at this deal, we want to be all in for 70% of the ARV, so it has potential to work out great. I guess my question is, would an appraiser be willing to offer up an ARV based on what the house currently looks like and comps in the area that are turnkey? If not, we are just going to continue to bug the Realtor for more comps to look at prior to the due diligence ending.
Any thoughts?
Thanks