What do you think this four plex is worth?

[Jack B.]

Near Covington, WA in King County, 8 Beds, 4 bath, coin operated laundry. Half an acre lot. Baths and kitchens could use some updating. 50 year old building. Roof and plumbing appear to be OK. Has asbestos/popcorn ceilings.

The deal cash flows, but I am mostly concerned about price and not overpaying. It was listed at 550K and I won the deal in a day. Listing as on market for 3 total before pending. Listing agent claimed they had cash offers with inspection and other contingencies above asking price and asked for "highest and best". Like usual, I called what I thought was a bluff and they accepted the offer before it expired that day.

Comps for four unit houses are hard to find for this city, but from what I found on Zillow doing comps it was worth 526K. I'm not sure. The deal cash flows, but the kitchens and baths need updating (so did the one comp for a four unit I found) 

[Jason D.]

@Jack B. appraisers dont value it as a commercial property, but that doesn't mean that you shouldn't value it as a commercial property. What an appraiser thinks a property is worth based on comps and what I think it's worth as an investment can be very different numbers. If you are planning to hold it as a rental, you should use your numbers to know what it is worth to you to move you toward your goals. If you are looking to simply fix and flip it, then appraised value is more important.