How do I make a proper offer?

[Simon Obas]

Hello, I found a triplex for $299,000 and I would like to make an offer. I’d like to know what should I take into consideration for making this offer?

[Karl B.]

Hi. Try and look at similar, recent comps in the area of that property (I typically look for sold listings within 3 months). 

You can get a good idea of the cost per sq. ft. and multiply that average number to the square footage of the property you're interested in.

For example, if the triplex is 3500 sq. ft. and the average sq.ft. number for similar properties you've come up with is $100: 3500 X $100=$350,000.

Of course, there are other factors such as lot size, year of build, etc.