Assistance in determining ARV?

[Jazmine S.]

Hello all,

I am usually very comfortable in running my numbers but this one is across the street (directly) from a high school so your input is greatly appreciated.

Property in question: 4/3 1400 sq ft with pool built 1952

The below properties are NOT  typically what I would use for comps, however they are the ONLY properties that have sold within the past six months in that area! (Fyi, none of the below comps have pools).

Comp 1: 2/1 1000 sq ft 1956 low to mid grade home in decent shape 4 DOM $210

Comp 2: 2/1 900 sq ft 1956 low grade bathroom, great curb appeal, new appliances DOM unk $180 

Comp 3: 3/2 1200 sq ft 1957 **distressed property** 30 DOM $180

Located a few blocks away:

Comp 4: 3/1 1700 sq ft 1925 very low grade, a little bit run down. 90 DOM $250

The only other properties are across a very major street all going for about $320 for 2 and 3 bedroom homes with and without pools. This particular property is a couple blocks away from a very high-end neighborhood, located in a still very decent/well-kept neighborhood. 

My thinking was about 220 to keep it conservative, minus maybe about 15% for being across from the high school. Then I remembered that the pool will be a huge asset. 230 to 250?

Your insight is incredibly valued. Thank you! 

[Kuba F.]

That seems pretty conservative imho, but not far off. Noting that a smaller property will fetch a higher $/sqft, your subject still has +1 br a pool and improved condition going for it.

Does the neighborhood call for a 4/3? Also 4 beds in 1400sqft is a bit tight, might be better for a rental as a 4.

Doing a 30K adjustment for the HS, 20K for condition, and 10K for pool you come out a bit higher even with 1 fewer bedroom.