I have a formula that I've been looking at that vaguely estimates depending on square footage and what kind of rehab is needed, but I want to see if there is anything that is a bit more accurate.

In the middle of getting it approved to add a third floor which will increase the square footage on the build by 800 sq. ft.

The comp report has 5 homes (1 closed escrow and 4 pending) very similar if not the same square footage, condition, and upgrades that sold for $800k.

Regional customs vary....but below grade square footage in many places is typically not counted in listed square footage for a property.

Other guidelines where you'll find lenders commonly install overlays is score requirements, number of properties financed and residential square footage percentage on mixed use properties.Stepanie

I decided to make some flights over a project that we had recently completed and take some great aerial footage.

The way I was taught was look for sold comps within the last 6 months, within +/-15% of the property square footage, and within a quarter mile.

The same lot and square footage (3000 home and 7000 lot).

Maybe get some footage for the police/city to use if needed.

It sounds pretty ideal as each tenant pays their split of utilities in respect to square footage of their unit and how many occupants reside in the unit.