The question regards how to determine ARV on a duplex property in Stone Mountain when the only duplex sales in that area in the past year have been for vacant REO's that needed repairs. MJ said that you would be able to provide me with the ARV but also the formula/computations to do this type of analysis on my own for other properties.
The address is: 5232 Ridge Forest Drive, 30083. I have attached FMLS CMA data for the area and the
Buyer Full Page listing off of FMLS. I do have this property under contract and intend to either flip to
another investor, rehab and hold (rents are $675 - $800 per side) or rehab, lease up and sell.
Thanks. Please call or email with any questions.
After reviewing the information on your property, depending on the improvements (quality and items done) the ARV is no more than $130,000.
I have attached additional comparables I have found in the area. As you can see, there are many distressed sales in the area, which are keeping prices low.
As far as a formula used, there isn't a formula but more of a pattern. When pulling your reports compare your property with comparables of similar age, square footage, and room counts. These are the main items to consider.