Posted by none on September 14, 2002 at 20:45:18:
Rolling On The Floor Laughing My A** Off
comps - Posted by michaela-ATL
Posted by michaela-ATL on September 14, 2002 at 16:56:20:
i just got a somewhat unusual property under contract for 75k. it’s 2 houses on 1 parcel. they’re kind of behind each other, so couldn’t get split up, i think. there are no comps around there. newest sales on the street are from '99 for 55k, but they’re only 1 houe each.
both of these houses are 3/1, so even if i ended up going section 8, i should be able to get at least 1500-1600 income. i don’t know how legal the 2nd house is, it’s old, so probably grand fathered. electric is metered separately.
houses need about 10k (so, probably 15k 
) repairs.
i’ll get hard money to buy, but when i refi, how is this being looked at by a lender? do they think of this as a duplex (they’re detached)? a single family 6/2? 2 separate 3/1? i’m planning to have renters in the houses when i refi, so would the value be based on the rental income? would it be based on a sfh with a rental apartment?
just wondering
michaela
Re: comps - Posted by Nate(DC)
Posted by Nate(DC) on September 15, 2002 at 11:26:46:
Michaela,
I’d call a couple of lenders and ask them, but I could see it very well being treated as a 2-unit detached. Are there any other 2-units in the area (either attached or detached)?? If so, hopefully some of those would be useful as comps. If not…good luck! You might have to find a portfolio lender or a small local bank…someone that’s going to be a little bit easier to work with on the valuation.
NT
Re: comps - Posted by Kylee
Posted by Kylee on September 14, 2002 at 20:12:32:
Hey Micheala,
I dont’ know much, but it seems some of the definitions you need regarding your property could be answered via city codes? If the second unit is illegal, as some of your suspicions suggest, you may not have much of a problem at all. What’s ROTFLMAO?
Re: comps - Posted by michaela-ATL
Posted by michaela-ATL on September 15, 2002 at 05:42:34:
kylee,
i think what you meant to say is ‘zoning coded’? i’m not really worried about that. just want to know how something like this would be appraised by a lender.
michaela