I'm trying to determine the comps for this property.
2635 SW 327th St, Federal Way, WA 98023
It's a 2 story with 3 beds / 3.25 ba built in 1962.
Building area: 3648 sf
Lot: 8400 sf
2 car garage
The photo in zillow.com seem to suggest that it was updated. The number of baths and living area is unusual in that neighborhood, and I haven't quite grasp how to make the adjustments for the differences yet. My own estimate is around $242K.
The owner is asking for $550K.
Can you help me with a second opinion?
Okay, looking at the assessors info and other homes on the street we definitely have a dwelling that was expanded by the owners. I would check the county online data for permits as well.
You will certainly want to do a little more home work in the neighborhood to see if there are any other over improvements like the subject property. Without a somewhat similar dwelling close by they are simply going to have to wait for a full market buyer of take an offer only slightly higher than
Also, you should be mindful of this same point regarding your exit strategy. Give yourself enough room to acquire should this project fit your portfolio, to then market with good equity.
2613 SW 323RD ST and 32803 28TH AVE SW are top of the market sales which wher you should be able to sell, maybe a little higher. Determine your best acquisition point going backwards from these sales.
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