Zillow value is double what I paid!
Last year in September I purchased my first solo investment property. It is single lot with a SFH and a separate duplex on it. I purchased it for $96,000 and it generates $1700 a month in rent, with a 15 year mortgage (commercial loan because it is two separate buildings) that leaves about $1000 after mortgage, insurance, and taxes. It seemed crazy low to purchase because a SFH should sell for about $70,000 , and I got two for the price of barely more than that. Yesterday I get an update from zillow that says this property is now worth over $200,000! I know zillow is not an appraisal, but a starting point. Has anyone had this happen before? Would you suggest actually getting an appraisal done to see? I do want to do some updates in the next year so if it is worth more, that would be great.