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Updated over 3 years ago,
Due Diligence Question ; ARV South City STL Duplex
My partner and I are under contract for a SC duplex; 5911 Michigan Ave, Saint Louis, MO 63111.
Our contractor walked the deal and the rehab numbers match. We are having trouble with the ARV. We were confident the ARV was 140K, but we recently had a conversation with a HML and STL investor when shopping for loans.
He kindly advised us to check the ARV 140K . He has a duplex a couple of blocks away that is slightly larger and it appraised for 110K. He admits to incorrectly timing the rehab completion and had the appraisal conducted before the AC was installed and fully tenanted.
We had a desktop appraisal completed and it came back at 150k. I personally do not think the comps are apples-to-apples because our subject property is unique.
What do you estimate the ARV for this property to be? Any insight would be great.
Thanks,