Comps for property.

[Kyriek Daniels]

When finding comps for your property should the properties be on same block? Or at least a 5 miles radius???

[James Galla]

A five-mile radius can be considered absurd in most situations where the subject property is an urban single-family residential unit. Generally, you'll also want to look within the boundary of the subject property's neighborhood as well because neighborhoods can differ drastically. Also consider that the general rules can be bent when dealing with a complex property - a property that is large, waterfront, or in some other way unique.

A good comparable has the following features:

1. Distance from the subject property (normally .5-1 mile)
2. Time of the comparable sale (normally within 6 months - some underwriters want a couple within 90 days or so)
3. Physical Similarity to the subject property

I hope this gives you a basic understanding of what to look for.