Posted by Randy (SD) on July 12, 2004 at 12:08:31:
A duplex is considered the same as SFR for financing, the best way to determine the market value is to pull comparable sales (comps) to the subject property, the ultimate value will be established by certified appraisal.
I am tyring to determine the price of a duplex. If it was a single family dwelling it would go for $64.00 a square ft. How do I determine what the value is for a duplex. Both units rent out for $950-1,000.
Posted by Wes Murphree on July 12, 2004 at 15:38:03:
Comps are the main method, an appraiser will also do what is called the income approach also.
Take your yearly gross income, subtract expences & vacancy. Take this number and multiply it by the average rate of return for similar properties, usually 10% and you come up with a figure that is close to the comps. Warning though this is not the most accurate measure, just another way to confirm value.