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Updated about 7 years ago,

User Stats

327
Posts
257
Votes
Christian Wathne
  • Investor
  • San Jose, CA, Bellevue, WA
257
Votes |
327
Posts

Appraisal happening on BRRRR this coming Monday, boost value

Christian Wathne
  • Investor
  • San Jose, CA, Bellevue, WA
Posted

Hi Everyone, I'm getting ready to have my Seattle, WA BRRRR appraised in a few days. (link to old thread here... https://www.biggerpockets.com/forums/223/topics/46...)

Its been rented since June and I'm now going for my final refi to get a more standard long term mortgage. 

There are many similar comps in the area in regards to sqft / beds / baths / home type / etc, however none which are renovated. I'm concerned this will likely bring down my appraisal (especially because I'm at the lower end of the sqft spectrum, 950sqft / 3br / 1ba). 

Does anyone have experience putting together an info sheet for the appraiser in order to bump them in price? I put together the below info sheet / pics, and at the bottom a list of 5 comps. My goal with stating (in the below sheet) that I expect to appraise at 350-360k is that it anchors the mindset of the appraiser, so that even if they go below it wont be too far off. Is this a good or bad idea? Love to hear your thoughts...

Here's the spec sheet I put together....

=============================================================

*Address Hidden*

Currently renting for $2,200/mo with high demand

Gorgeously remodeled from top to bottom, inside to out. No detail or aspect of the home was overlooked. $80k rehab to bring this home into the modern age. This work allows 16974 to stand above similar comps.

Based on comps and market demand, we expect *Address hidden* to appraise at $350,000-360,000.

  • Outside
    • - Roof
    • - Fence
    • - Deck
    • - Exterior paint
    • - Windows
    • - Landscaping
  • Inside
    • - Permitted brand new electrical service and additional circuits
    • - Complete kitchen with quartz counters, SS appliances, subway tile
    • - Complete bathroom with designer tile
    • - New flooring and paint throughout
    • - Solid wood doors and trim
    • - New water heater
    • - Lighting

Recent sales

PriceConditionBed/BaSqftMLS#AddressPic
$330,000Avg condition3/1101011786931732 Beacon Wy SERenton, WA 98058
$340,000Avg condition, old3/1115011786933500 Shattuck Ave SRenton, WA 98055
$319,000Avg condition, old3/1910119020212016 SE 165th StRenton, WA 98058
$316,400Avg condition, old3/11000
1169408
12720 SE Petrovitsky RdRenton, WA 98058
$360,000Avg condition / Newer3/11210118373316309 128th Place SERenton, WA 98058

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