First time doing a valuation like this, so I would appreciate a sanity check on both the method and the assumptions.
The property is a 1-bed townhouse in Los Angeles, approximately 1,560 sq ft and in average condition, with an asking price of $160,000. Its strongest points appear to be the natural light and location; the dated finishes are the main drawback, and I may also be underestimating local supply costs.
I found three asking-price comparables, but only one completed sale. Before applying any adjustments, I still need to pin down the exact micro-location, lease length, service charges, parking, and outdoor space, as those could make apparently similar properties quite different.
With such limited completed-sale evidence, would you use a broad condition grade rather than trying to price each dated feature separately? Also, how would you approach the floor-area adjustment for an unusually large 1-bed without assuming every extra square foot carries the same value?
Which one missing fact would most change your valuation? I will obtain a formal local appraisal before relying on any figure.
The property is a 1-bed townhouse in Los Angeles, approximately 1,560 sq ft and in average condition, with an asking price of $160,000. Its strongest points appear to be the natural light and location; the dated finishes are the main drawback, and I may also be underestimating local supply costs.
I found three asking-price comparables, but only one completed sale. Before applying any adjustments, I still need to pin down the exact micro-location, lease length, service charges, parking, and outdoor space, as those could make apparently similar properties quite different.
With such limited completed-sale evidence, would you use a broad condition grade rather than trying to price each dated feature separately? Also, how would you approach the floor-area adjustment for an unusually large 1-bed without assuming every extra square foot carries the same value?
Which one missing fact would most change your valuation? I will obtain a formal local appraisal before relying on any figure.