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Updated 7 months ago on . Most recent reply

User Stats

15
Posts
9
Votes
Sean Wilt
  • Investor
  • Rome GA
9
Votes |
15
Posts

Lack of comps in rural area. Go with gut?

Sean Wilt
  • Investor
  • Rome GA
Posted

I am looking at a property in a semi rural area in NW Georgia. The properties in this area are very difficult to comp because #1, most have not had a transaction in many cases SEVERAL years. Many have acreage, some don't. It's a very nice area as I live nearby and within a reasonably short distance, there are expensive homes that are very nice, , but also some that are small. When I use software to figure comps, I really can't find much to hang my hat on as far as getting an ARV as within .5 or 1.0 miles, there are little if not zero recent sales. And where there are comps, the homes are not similar to what I am looking at (condo vs. SFD). Another issue is some comps were built in 1920, some 1950, some 1980 etc. It's all over the place!

I obviously want to be careful, but at the same time, gut says I can get more than the meager comps show (both in quantity and value).

Anyone out there facing this type of issue?  I feel a buyer would face same issue if getting a mortgage. 

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