All Forum Posts by: David Maggard

I'm looking at a four plex that is Listed For Sale at a price of $645,000. There are three comparables in proximity that have sold for $650k in the past 6 to 12 months. The subject is vacant and by the appearance of the outside needing exterior painting and metal fence painting we are assuming the interior will need the same attention. We are assuming the interior will need new appliances, wall units, and paint as well as the Terrazzo will need a good cleaning. We are not planning a full renovation and we are already approved for a property valued at $650k. Additionally, the property owner has not paid property taxes in 3-years which is approximately $43k in total. Therefore, we would like to offer $450k based on cash flowing properties are selling for $650k in the same neighborhood. So...how do we get the property under contract is my question ?? I figured I would see if BP had any good strategy I could follow, I'm not trying to invent the wheel. Thanks in advance. David Maggard, Commercial Real Estate Appraiser Miami, FL.

That makes sense.

Great read. $42k a unit in Miami, that sounds dangerous- where is it located? I am a commercial appraiser specializing in multifamily in south florida. I would love to know the location and was it occupied?

Your only contribution would be the land value. Have you pulled comps for land in the area? Additionally, is there other properties a developer could build on in proximity to yours (barrier of entry).