No comparable, what to do?

[Brandi J.]

Hey BP fam. How should we determine ARV on a property that's in a nice area of Macon, GA with no similar comps nearby? The house we have under contract is 5 bedrooms/3.5 baths with 3 levels, on a 17,000 sq ft lot. However it needs a bit of work, but once renovated it's going to be the crown jewel in the neighborhood. We went back 12 months and about 1.5 miles out for similar renovated comps and found nothing.

How should we determine the ARV of this unique home?

Is it possible that this house can create a higher/different comp for the area?

[Jason C.]

@Brandi J. 

Good morning Brandi,

From my research, Macon’s ranging average is about $77-$83/square foot. That’s helped me in my recent purchases to give a ball park idea but if you’re going to rehab the house to above average, you probably can go higher. Also, i usually check the Bibb tax assessors website for current and past assessed values at: http://www.co.bibb.ga.us/TaxAs...

Click on "Search Records" then "Property Record Cards" and plug in the address and you'll get some valuable information. I also check MLS daily so I might know which house you're referring to, if you want to PM me the address I could ask my realtor if she can help with comps. Thanks and good luck!!