We are looking at a batch of duplexes and the tax value is $38-40k each. 100 Independence blvd, greeneville, nc 27834. There haven't been any recent sales and if you so a site-x report you get a listing of all the duplexes we are looking at. We are trying to determine the real value. She wants $77k per bldg. They rent for $455 per side. Right now 1/2 are empty. What is the value of these properties? They are brick bldgs and she says that 8 units are ready torent.
We are in negotiations right now so a quick answer would be appreciated.
There appears to be some activity in Duplexes in the market area for these properties built during the 1970's. Acreage and design (1 or 2 stories) do a have a positive impact on value as indicated by puling a few additional comp reports.
However, the market appears to be pointing to a more conservative value based on the limited sales activity and the vacancy rates.
A little research shows most rents in this part of town are $400-495 with a 9 mo or less life cycle. www.rents.com / census.gov.
We suggest an offer 10-15% below the 77k asking price given the aforementioned factors.
Hope this helps.
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