All Forum Posts by: Nick Florio

Thanks for the quick reply, Luke. I understand that income isn't a factor since it's still a SFR. I was just wondering if zoning ever gets factored into the appraisal process in sub-markets like beach towns but it doesn't seem so.

Close proximity works on paper for  comps but in the real world even a 1 mile radius might include having to cross a major highway to get to the beach and different zoning that doesn’t allow nightly rentals which impacts the value so much that it might as well be in another state. 

I have a house under contract in Treasure Island, FL that is zoned for nightly STR but has always been used as an annual rental. The majority of the Island is zoned for 90 day min rental which dramatically impacts the price. All of the comps in the appraisal set were 90 day min rental (one was even 18 months old).

The appraisal came in well below the contract price and what I believe the real value of the property should be. I challenged the appraisal based on the old comps used and submitted a zoning map which indicates where the zoning changes. It was denied a new appraisal and now I must bridge the appraisal or find a new lender.

I have 3 RE licenses and multiple investment properties, some are even STR, but I am not sure if the zonig should be a factor in the appraisal process. Obviously from an investment standpoint it greatly impacts the value but and seems like it should be given consideration but I am looking for feedback from other investors/appraisers to see if zoning is a ever factor used in the appraisal process.

I have a house under contract in Treasure Island, FL that is zoned for nightly STR but has always been used as an annual rental. The majority of the Island is zoned for 90 day min rental which dramatically impacts the price. All of the comps in the appraisal set were 90 day min rental (one was even 18 months old).

The appraisal came in well below the contract price and what I believe the real value of the property should be. I challenged the appraisal based on the old comps used and submitted a zoning map which indicates where the zoning changes. It was denied a new appraisal and now I must bridge the appraisal or find a new lender.

I have 3 RE licenses and multiple investment properties, some are even STR, but I am not sure if the zonig should be a factor in the appraisal process. Obviously from an investment standpoint it greatly impacts the value but and seems like it should be given consideration but I am looking for feedback from other investors/appraisers to see if zoning is a ever factor used in the appraisal process.

I have a house under contract in Treasure Island that is zoned for STR but has always been used as an annual rental. I plan to convert into a STR and I'm wonder if there are STR investors in the St. Pete / TI area that can share current occupancy rates.

Zelle works great, assuming the amount sent does not exceed the daily limit of the banks involved which varies by bank. I have a tenant that sends in 2 payments due to limit if his bank. I’d still prefer that method over Zillow which takes 7-10 days to post vs Zelle which is instant.