Bonus room or Bedroom ?????

[Joshua Frank]

Hello BP, 

I am looking at a property thats as listed as 4bed 1bath, for $150,000. I got my agent to get us a tour and did a walk thru upon arriving I noticed it was actually 2 bedrooms with closets and 1 bath and the 2 other rooms are upstairs no closets technically bonus room with just storage space to the attic. well I'm a new investor and it's listed in all my resources as 4 bed 1 bath, but my Comps for a 4/1 are at $266,000.

aside from the rehab costs I'm having issues trying to determine usable comps for this property, and there isn't space to add a second bathroom for the upstairs without major layout work which I would like to avoid. 

I would appreciate any input to what you guys think, thank you.

[Don Gouge]

I would base my valuation on making this a 3/2. I know you said that you wanted to avoid reconfiguring the upstairs but it sounds like it needs to be done. If you have to go ahead and sacrifice the 4th bedroom.