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Updated over 4 years ago, 07/09/2020
4-plex Appraisal with Few Relatable Comps
Hi everyone- I am at the Refinance stage of my 4-plex Brrr. I have started the cash-out refi process and am awaiting the appraisal.
When I first bought the 4-plex, I noticed that the appraiser pulled comps that were in different neighborhoods and even up to 5 miles away. ALL of the comps he pulled were in worse areas than where my property is. The property happens to be one parcel east (wrong direction) of a major dividing street in Kansas City "Troost". There were zero comps pulled from west of Troost. All of the comps were between 1 and 5 miles east of my location. The comps really were not comparable. I am having an agent search for comps around my location. Hoping to give this list of comps to the new appraiser. In my short search I didn't see many 4-plexs that sold in the immediate area recently.
Question is- If there are no decent comps in the area, and they go and pull similar properties that are miles east of my location, what can I do to support my case that the comps really aren't comparable. Any tips?
Thank you!