All Forum Posts by: Ken Rich

Thanks for the advice I will call an appraiser to look at the property.

I had a question about determining a sale price for a quadplex in Manchester CT. A family member recently passed away and I am the trustee for the trust. I would like to keep the home as I currently have a few rentals myself but I don't want to go into business with family and I live in GA so I don't want to be a long distance landlord. My rentals are all single family so if I were to sell them it is easier to figure out sale price. My realtor has given me a figure that she has come up with but I am not convinced that is the best price.  The issue I am having is that there are really no comps in the area for quadplex. There are single family and duplexes  but what value does the extra apartments add to the value. The house was built 1901 and I will be honest it does need some fixing up. But there are 4 at least 2 bedroom apartments in it. There are 2 that you could call 4 bedroom but 2 of those bedrooms are really small. One of the apartments is vacant but that is just because my family member that passed away lived there. The 3 other apartments have long term tenants in them that create $30k a year. I believe the rents are a bit low bit since I am selling the place I would just leave them were they are. Does anyone know the best way to determine a value of home? 

I am trying to figure out what to do with a property and hoping someone has some advice. My mother owns a multi-family unit in CT (4 apartments). The property was purchased back in the late 60s and is paid off except for a loan for 30k used to do some repairs. I have no idea what the sale price was. But the current estimate is around 250-300K. She has lived in one of the units for over 25 years. She recently has become sick and was moved to rehab and assume a nursing home will come after that. She is currently 81 years old. The home is currently in a Trust. I live in GA so would not be able to manage it. I guess my question is if she will not be able to move back to it what would be the best thing to do with it? And how much of the selling price would be eaten up on taxes.Write your post