Evaluating a homes value while looking for a deal

[Leonell Williams]

Good Morning BP family!

I have taken an interest in House hacking, preferably on Long island in New York. Probably a Noo0b question but I am curious about how to obtain an accurate estimation of a properties value. Using propstream, Zillow, and the counties Land Records website, I am getting 3 different estimations of the properties value. Trying to run numbers to see if a house hack is possible for FHA .I am not completely sure how to run numbers on a property to determine if its a deal or not so I plan on learning by evaluate a property value first. Any advice?

[Abel Curiel]

Originally posted by @Leonell Williams:

Good Morning BP family!

I have taken an interest in House hacking, preferably on Long island in New York. Probably a Noo0b question but I am curious about how to obtain an accurate estimation of a properties value. Using propstream, Zillow, and the counties Land Records website, I am getting 3 different estimations of the properties value. Trying to run numbers to see if a house hack is possible for FHA .I am not completely sure how to run numbers on a property to determine if its a deal or not so I plan on learning by evaluate a property value first. Any advice?

 Hello Leonell,

I agree with @Caleb Brown. Reason being, Realtors can access information that sold from MLS and additional information from public record that is NOT easily accessible on Zillow. Is it possible to run comps/numbers using those sites you mentioned, yes. Is it the best use of your time, probably not.

Realtors can run comps in a matter of minutes. The comps, however, don't tell the whole story. Each potential househack deal has a lot of other factors that need to be taken into account - i.e. ADUs, utility meters (separate or not?), parking access, laundry room, storage access, etc.

The best way to run analyze these deals is to speak with a lender and Realtor to get mortgage estimates and comps. You'll then want to assess the potential rental income of the unit you'd be living in to determine your projected cash flow once you move out and rent that unit to a tenant. Most NYC househack deals do not cashflow while you live in it. However, you will, more than likely, reduce your current living expenses which is another form of cash flow in my opinion.

Best of luck to you moving forward!

A