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Updated almost 9 years ago, 03/27/2016
What would you pay?
Just curious to see what some valuations would be on a property in the area. A large local investor owns a ton of inventory which mostly is for sale right now. I think he's over priced on everything but I'm considering running numbers and offering what I think would be correct on each property.
The property:
Duplex, grade B+, 2003 build, each unit is 3/2 @ 1100 sf. Rent is 900/unit. 130 days on market
2015 data from MLS:
Rent = 18k + 200 other = $18,200
Expenses from MLS:
"Outside services" = 1767
Tax = 2641
Insurance isn't listed - I assumed 1500
Maint/Repair = 521
So assuming both units were rented, total rents should be 21,600 - 2650 tax - 1500 ins - 7%capex (1512) - 10% vacancy (2160) = 13,778 NOI
What are some thoughts on valuation? I've come up with my own number but I'd like to see what some of you think.
Thanks,
Andrew