Home Buying in Brookville>Question Details

Amy, Home Buyer in Brookville, OH

I'm wanting to find the property value of a 4 unit apt bldg. on Leisure Drive in Brookville, OH.

Asked by Amy, Brookville, OH Thu Jun 26, 2008

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6
I agree with Judy, the Montgomery County site is a great place to start. There are other indicators, as well, that help us determine "value." Figuring the cap rate is helpful when comparing investment properties. Always keep in mind that as an investment property, the value is more accurately determined by analyzing its potential for generating revenue. What are your investment goals? Just like the stock market, there are "growth" investments and there are "income" investments. I own a single family resntal house in Oakwood. Now, it generates very little cash flow, but has been a tremendous growth investment. Remember... it's all about buying right. Don't "fall in love" with a place. Work the numbers. I'm happy to help. Check us out at Kamela.com or give me a call ...Eric Snead 239-9910. Good Luck!

Eric
1 vote Thank Flag Link Mon Jun 30, 2008
Amy,

Is it in the MLS? I'd be happy to get a ball park value for you.

Go tohttp:// http://www.mcohio.org if it is within Montgomery County, look at the property tax records. It lists the owner's name.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
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Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
0 votes Thank Flag Link Fri Aug 8, 2008
The worst thing to do when buying investment real estate is to determine the value of the property like you would a home you are buying as your primary residence. Getting "comps" for homes in the area will only hurt you as you may end up paying more for a property that will not generate enough income to support itself. You don't want to end up paying your mortgage from your personal income. A good investment property will pay for itself with money left over each month.

The value (what you should pay for it) of investment real estate must be determined based on the financial performance of the property - how much cashflow does it generate. A property is a business and must be looked at as such. There are a lot of things that go into evaluating a property; location, economic factors of the area, past performance, potential performance, etc. A great book (maybe the best I've seen) is Ken McElroy's ABCs of Real Estate Investing. He lays it out, bit by bit, in detail how to properly evaluate a property you're looking at as an investment. Ken is an investor and property manager himself and his advice and help are extremely solid.

Also, and most importantly, do not work with a realtor who works in primary residences only (helping people buy their home). They have no idea what makes a good investment property. You need to find an agent who is an investor, was an investor, or understands what makes good investment real estate. An inexperienced agent will have you buying properties without the proper evaluations, costing you tons of money.

Finally, do not get emotionally involved in the property(s) you're looking at. Yes there may be characteristics of the property that make you absolutely "fall in love" with it. The only characteristic you need to concern yourself with is CASHFLOW! Period. Look at tons (at least 100) of properties before making offers as well.

I hope this helped. Good luck.
0 votes Thank Flag Link Sat Jul 19, 2008
Are you interested in buying or selling ? If you are selling I would suggest having an appraisal done as it help you on what to expect for a list price and a prospective buyer on what he is getting. If you are wanting to buy, as stated before you can get the tax value from the county but that in no way indicates a real value. The seller may be willing to pay for an appraisal if he knows your interested.
0 votes Thank Flag Link Fri Jul 4, 2008
You can find the county assessed value on the Montgomery County web site at http://www.mcohio.org/ I did a quick check and most multi family properties on Leisure have an assessed value of between $160,000 and $180,000. The market value is another thing. There is often little correlation between the tax value and the market value. A Realtor or appraiser could help you determine the Market value.
Web Reference: http://www.mcohio.org/
0 votes Thank Flag Link Thu Jun 26, 2008
County Records should have the property's Assessed Value, which the auditor uses to as its tax basis.

However, the tax office is sometimes wrong - they don't necessarily line up with market conditions. You may wish to contact a local REALTOR and have them pull "Comps" or Comparable Properties to determine Market Value.

Good luck!
Web Reference: http://www.ArtHotes.com
0 votes Thank Flag Link Thu Jun 26, 2008
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