Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago,

User Stats

19
Posts
2
Votes
Seth Knopp
  • Rental Property Investor
  • Cape Girardeau, MO
2
Votes |
19
Posts

How to get an ARV on apartment complex

Seth Knopp
  • Rental Property Investor
  • Cape Girardeau, MO
Posted

Hi everybody,

I am looking at a distressed apartment complex in a small town of about 8000. I just came across this late last night. No big cities surrounding the area either. It does have a Junior College in town.

The building needs work. Listed for 55k. It has 3, 1 BR-1 Bath, apartments “rent ready”. Two other spaces framed and dry walled that can be turned into two more with enough work. Plus a garage for storage. It is the only apartment complex in the neighborhood. The houses in the area all list from a peak of 95k to a low of 30k. It’s not a bad neighborhood but old, small houses.

How do I get a quick, fairly accurate, ARV to take to my investor for an idea on whether this is a deal worth looking into? When I do the rental calc on here I can crunch all the numbers with confidence except for repair cost and ARV. On the webinar on evaluating a property, those were two topics seemed more like a guess based on experience, without any real facts besides ask a realtor. How far out of the neighborhood can I go to get a good comp? Without any other similar properties within a mile, do I compare it to houses around the neighborhood?

I live three hours away but I am from the area and have lots of family. A relative would manage the property. I have reached out to a few agents last night and am waiting feedback but so far none of them had the answers I was looking for off the top of their head. Hopefully I’ll hear more today.

I just wanted to see what BP insight had to offer. And frankly, when I get on a target I am impatient lol. Any advice is appreciated.

Loading replies...