Assistance in determining ARV?
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!