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Updated about 8 years ago,
Analyzing a condo with no comps
Hi everyone,
I came across a potential good deal but it is a condo. My main concern is that there is only one reliable comp within the building. I don't feel very great about making my estimates based on a single comp. What factors do you take into account when you evaluate comps in condos?
Here is a list of factors I believe will help me determine/give me a better idea of ARV:
-Building age
-HOA Fees
-Amenities/Parking
-Potential rental cap rates
-Square footage, # BD, BA, unit condition etc
-Comparing the condos to units within a quarter mile radius
-Floor level
Obviously, it will be harder to quantify some of these factors. If anyone could give me a general though process of your estimates, I'd really appreciate it. Let me know if I'm missing anything that could be crucial in the evaluation.