All Forum Posts by: Dana Richardson

My husband and I are going to look at a house to buy for us personally that was just listed on the 26th.  Our realtor said that there are 9 interested parties to see the house and they have one hour on Sunday that 3 others and ourselves have an hour to see the house.  My realtor doesn't know if we will each  be given 15 min., or if we will go at the same time.  She said the realtor wasn't going to look at offers until Monday.   This house is priced low, but it is also in bad cosmetic condition.  Old wallpaper everywhere, old carpet, paint, and yes outdated kitchens and bathrooms.  The pictures show cluttered rooms.  So I would expect this to be selling for less.  Do you think with all this activity, that these are investers looking to rehab/flip this property?  I've never seen anything like this.  This is just an average area.  I want to really get this house, any tips?

Thanks!

I have since started reading on appraiser forums.  I have learned that multi-plex/triplexes tend to value lower then single homes except when in areas that are high rental areas such as college towns.  So I am going to assume that a beach community would also fit this scenario.  I am going to contact an appraiser I believe at this point to get an idea of value before putting in an offer.

Thanks Andrew.  I have yet to find a triplex for a comp.  But I will keep looking.  This property appeals to me because It allows us to own a beach house to use when we want while having it work for us.  So, with the emotional ties I am willing to pay more then a typical investor just looking at the bottom line.  However, I don't want to over pay either:)

Thanks Elizabeth, so I am walking away with the idea that if my numbers work for a $400k purchase price at a 30% occupancy rate (which I feel I can easily get up to a 50-70%) then I should feel good about the price even though in reality the true value may be lower based on this newer build comp?

I live in Florida and am interested in buying a triplex that is one block from the beach as a weekly/monthly rental.  It is over priced imo and has been on the market for over a year with a realty company starting at $650K.  Now after one year the owner is doing a buy owner sale and it is down to $450K  She bought it for $150K in 2000.  My question is this.  I found a 3/3 stilt home built in 2000, that is literally one block away from this triplex that has a little larger lot that sold for $355K  two months ago.  In comparing property values, would a triplex be valued higher then a single home since it is income producing? 

(Triplex 3/3 has wood structure built in the 30's with smaller lot and less square footage of the house that is a 3/3, built in 2000 that is a stilt home that sold for 355K.

Based on purchasing at 400K  I feel that I can cover my costs easily with a 30% occupancy rate.  I am hoping to use this property as a  reality check for the owner unless of course triplexes are valued higher.  Thank you in advance.

Anad