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Updated almost 6 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Josh V.
  • Ventura, CA
2
Votes |
9
Posts

Appraisal on duplex where 1 side is updated

Josh V.
  • Ventura, CA
Posted

The plan would be to keep the rented side as is until the tenant decides to move (assumed to be years from now).  Rehab current vacant side, rent it and refinance.  The question mark being would an appraiser give 50% at 'as-is' value and 50% at comp rates?  Is this common where sides are not equal? e.g. would I be rolling to dice on the appraisal?

Most Popular Reply

Account Closed
  • Real Estate Agent
  • Cleveland, OH
295
Votes |
359
Posts
Account Closed
  • Real Estate Agent
  • Cleveland, OH
Replied

@Josh Van Lente They take the average overall condition of the property and find similar comps that way, if say 1 comp has neither of the units updated then it will get a positive condition adjustment since yours has 1 unit updated. Duplexes with 1 side updated while the other is not is actually very common.

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