Evaluating Deals with unique circumstances

[Gabriel Starms]

Hey BP fam! 

After a week or so of prospecting I've came across a few good leads out of thousands. However, some of the opportunities have unique situations that make it hard for me to analyze, and would love your guys help on if you have any tips for maneuvering these specific scenarios. 

Comp 1. Homeowner says this property is a 4/2 and has a in law suite in the back that is a 2/1. However, property appraiser only has the home listed as a 3/1 with no in law suite. So I'm assuming these were additions made without permits. My question would be, due to the correct number of bedrooms and bathrooms not being on the property appraiser how would this affect your numbers. Would you run comparable as if it were only a 3/1 or run numbers based off of what's actually in the home as opposed to what's on public records. 

Comp 2. Small 2/1 property is a complete tear down. However, the zoning is actually zoned for commercial use. A builder could come in and build something significant here due to the lot size. How exactly would you run comps here? Not too sure how to filter comps on how the land is zoned. 

Thank for your help guys. Also may be open to partnering up on some of these deals if you're a local investor in Miami. 

Would love a partner that meets one of the following

-- Can JV a deal in Miami (provides cash buyer) for comp 1

--  real estate developer in Miami to assist in the tear down/rebuild for comp 2

Don't hesitate to let me know your thoughts, good or bad. Fire away 

[Adam Schooley]

@Gabriel Starms It really depends on your end game. It looks like your trying to wholesale these properties so that being said.

Comp 1. If I were wholesaling I would value it as a 4/2 and market the fact that it has 2/1 for extra income to cash buyers. You also have to factor in the amount of rehab needed to get it to the ARV. Most cash buyers aren't to worried about permits as long as there are no open violations with the city. You can go online and look for open permits on the propery and code violations just to know for sure.

Comp 2. I would just look for recent vacant land sales in the area that are comparable size. That will give you an idea of what land would sell per sqft. 

I'm a real estate agent/investor in Broward. I have cash and have experience flipping and rehabbing. If you want to talk about JVing on the first property let me know.