Posted by Brian W (FL) on June 25, 2001 at 14:13:36:
Do not use the Assessor’s value price. There’s a good article by JP in the How-to section that tells you how to go about finding FMV. The article also tells you what to ignore: listed price, assessed price, etc. Basically, the only indication of FMV is what other properties like it have sold for.
Assessor’s value price - Posted by Eric P. Martin
Posted by Eric P. Martin on June 25, 2001 at 12:28:03:
In trying to find the owner of this 3 flat builing… I got some info on the Assessor web page. Does assessed value have any meaning as to what formulating an offer price? The assessed value is 12,019. This is the 3 flat that has fire damage.
Re: Assessor’s value price - Posted by SueC
Posted by SueC on June 25, 2001 at 13:33:02:
No, don’t go by the assessed value. If there are no other multis in your area, try finding out about market rents. Determine what you can rent the apartments for fixed up, and work your price back from there. You might look for discussions in the archives of cap rates to figure this out, you want to base your offer on what kind of net income you expect from your investment.