Market Conditions in 02871>Question Details

Dfont, Home Buyer in 02871

If a duplex with 3 bd and 1 and a half baths (each unit) was sold in Nov. of 2007 for $325 what would be a good price to buy it at today? 02871

Asked by Dfont, 02871 Mon Nov 22, 2010

is 02871

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The Portsmouth RI market is varied as values. Is it for investment or owner occupied. What condition is the property in? Home much rent is it bringing? Are you looking for fair market value or is it a distressed sale? Many factor no simple answer get a local agent to help you. I serve that area
0 votes Thank Flag Link Tue Dec 10, 2013
In order to establish a current value, one needs to be aware of comps--recently sold similar properties in the immediate area--after reviewing the data a determination as to a fair price can be made--keep in mind that the previous sale price really has no bearing in today's market--what is your agent advising....
0 votes Thank Flag Link Mon Nov 22, 2010
The previous sales price has no bearing on the price today. The rental income the property is generating, or is capable of generating, should be used to determine an asking price on a multi-family dwelling. It should be compared to other, similar income properties (if any). Any obvious repairs should be accounted for to come up with an offer price.

Income properties are often more difficult to price, and the market for them is significantly smaller than for residential properties. It's especially true these days, when it is harder for an investor to get financing.

If you're working with a real estate agent, you could ask them to research comparable properties and find out what they are renting for and what condition they are in.

Good luck!
0 votes Thank Flag Link Mon Nov 22, 2010
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