I have a house/cottage property in the Springs and close on another one today.

Likewise, I know that many (perhaps most) of the cottages-cum-year round homes in Pembroke were built on insufficient foundations. 

. :)We had been interested in a particular property, a house on 16 acres with two vacation  cottages also on the property (to be used as STRs while we lived in the main house.)

I am under contract for a beach cottage and STR is a consideration.

I found a property with a 4 bedroom house and a 1 bedroom cottage.

Per your request IL REIA has meetings in Cottage Hills on the second Thursday and another in Belleville on the third Tuesday of each month.

Both apartments have cottage cheese ceilings (not sure about past asbestos testing).

(Note, while the green area appears homogeneous, it actually looks more like Swiss cheese.)Hengky, I hope the above helped.

For even more accuracy, we choose to only use comps that are 1/3 mile away or less, with sales dates within the last six months.Sometimes, even the street can make a difference in the value of a property.If the only comps you have are on very nice streets, but the house you’re considering is on a very “distressed” street, then you have to reduce the ARV.How much is an appropriate reduction is a judgment call on your part.You’ll want to base that call on how much of a discount will be necessary to entice the final owner/occupant to buy this property over one they can get on the “better” street.If the comparable sale that you are using is too different from the subject property, then it is of little value.If you use it in your sales marketing, you’ll lose credibility with your Investor Buyers.An example of a poor comparable is when your subject property is an old cottage fixer-upper, and you compare it to the sale of a brand new in-fill (an in-fill is a new house built on a vacant lot in an otherwise established neighborhood).Rehab dollars vary according to level and detail of the job – everyone has a different formula.As a wholesaler, we suggest a middle-of-the-road approach for estimating enough rehab dollars to get the subject property to look like the comps.You’ll need to spend more on rehab as the ARV increases.Logically,buyers like more ‘pretty-ness’, higher-end fixtures, cabinets, etc. when they’re paying $200,000 vs. when they’re only paying $100,000 for a house.Buy/Sell/Hold costs are all of the costs associated with:üThe purchase (loan origination fees, title insurance, attorney fees, survey, appraisals, etc);üThe sale (real estate agent commissions, marketing and advertising, closing costs paid by the Seller); and üHolding the property (mortgage interest, utilities, taxes, insurance, etc.).

Here is the projectSan Diego CAPP: $235KRepairs: $42KSales Price: $350KProfit (After Soft Costs): $52KCraftsman cottage that required LOTS of work.