Apprasing MF in downtown Americana
Happy weekend BP !!
Should I bring in any professional appraiser as part of my due diligence? Or should I shoot for someone near the target sub market?
I plan on purchasing mf in the downtowns of the cities surrounding Houston, mainly those with a more “Americana” type of feel( white picket fences, 4th of July block parties, neighbors worship together, founding families are still around and they let you know it, high walkability score, families are out on the street with neighbors, doors are unlocked.....)
It is tough to comp certain property because they might be the only type (or one of the only two) AND some of these towns do not allow any more MF to go up, so the MF owners set the market. I’m racking my mind, how do I value these properties?!
My concern is someone familiar with the territory might just give me a guesstimate based on when the property last traded Plus or minus any appreciation. Someone who rarely sees areas and scenarios like this might not give me the “right” number, whatever that means.
If you can, I’d love any input!
Happy weekend!