What do you think our rental property is worth? Looking to put it up for sale.?

[aldric13]

So currently, my mom and me own a rental property. The current renters bought their first home (congratulations to them) and are moving out the 31 of october. We have owned the home for five years and originally purchased it for $190k. It is 4 bed and 3.5 bath, 3 car garage, 2,100 sq.ft., has a heated beach style pool with a short fence around it and sensors on the door (the current owners have a mentally handicap child and we installed the sensors to give them a little more piece of mind, even though it wasnt required by law). Has newer appliances (2 years old) that are stainless steel, a large family room with fireplace, large kitchen with a butlers pantry, hardware floors and tile in bathrooms and kitchen area, large fenced back yard, on 5 acres with full RV hookup. The front and backyard have fescue grass that has been well maintained and there are also mature trees throughout the property. We have put in about $120k of work. The appraiser is coming out next week but i kind of want an idea of what we should ask. Also, the home was built in 1989, so its not that overly old. Everything is also up to code. If we add up what we purchased the property for and what we put in, it would add up to $310k but we would also like to make a little profit. Oh, and the home is in fresno county, ca in county lines, not city limits so farm animals would be an ok.

[wal49]

It takes a little research to get the comparable properties. You can go on websights like, "Realator.com." or, "Zwillow.com." find the comparable properties that are for sale or sold (Taking into consideration If a property might be priced to high I it's been on the market a long time.) And drive around the area and see if there's any for sale that you missed on the Internet.
But the easiest way is to just ask a realtor.

[barraq]

No one here is going to be able to give you an accurate estimate. Also, there is a huge difference between houses in the area selling for ( they are actually selling, right? ) 300k and 650k.

Another thing, EVERY homeowner thinks *their* house is nicer than the other ones for sale.. LOL

[tate8]

First thing it sound like a nice home but when you say you put in 120K really means nothing other than to bring it up to where it should be. Your newer appliances really mean nothing, as they still are used appliances and there is no place to adjust for appliances on an appraisal, your sensors gave you no value, the landscaping maybe very nice but little value can be placed on landscaping due to being perishable item and if you do not take care of it, its gone. As of Sept 1 all appraisals must be done in a UAD code form, so your home will fit into 1-6 classes of homes for condition and quality of construction. There is no place to adjust for little things. When you say sales are going between $300-$650, that tells me that there is a wide range in homes in the area. Let say there was a home that sold 2-months ago next door for 300K and sold FHA (Seller paid 3.5% of the buyer closing costs) and the market has declined 12% over the last year. The first adjustment would have to be a concession adjustment of -$10,500, and then date and time adjustment from the pending date of contract, so lets say the contract date was one month prior to the closing date, so that would require a another -3% adjustment or -8,700, now that 300K sale is a $280,100 comparable just on two adjustment not counting sf adjustment and other adjustments. NO ONE can appraise your home here without doing an appraisal, and I have never figured out why people think someone can. Trust me zillow is a joke and is about accurate as a blind man in a shooting contest. Also the appraiser MUST use foreclosures homes per Fannie Mae Due to the changes in the market condition, REO/foreclosed properties are much more prevalent. It is important that the appraiser establish the true market value of the subject property by including all available sales. Effective with appraisal reports completed on or after January 1, 2009, if REO/foreclosed properties are appropriate comparables, the appraiser must include them in the sales comparison. It is not acceptable for the appraiser to exclude these properties when establishing the market value. Also home owner always think there home is worth more than it really is, I see it all the time. The only way to know what your home is worth is to have it appraised prior to setting a sales price. Remember RE agents are not appraiser and can not appraiser any home per federal law. They can give you a guess but that's about it.

[hackett]

First thing it sound like a nice home but when you say you put in 120K really means nothing other than to bring it up to where it should be. Your newer appliances really mean nothing, as they still are used appliances and there is no place to adjust for appliances on an appraisal, your sensors gave you no value, the landscaping maybe very nice but little value can be placed on landscaping due to being perishable item and if you do not take care of it, its gone. As of Sept 1 all appraisals must be done in a UAD code form, so your home will fit into 1-6 classes of homes for condition and quality of construction. There is no place to adjust for little things. When you say sales are going between $300-$650, that tells me that there is a wide range in homes in the area. Let say there was a home that sold 2-months ago next door for 300K and sold FHA (Seller paid 3.5% of the buyer closing costs) and the market has declined 12% over the last year. The first adjustment would have to be a concession adjustment of -$10,500, and then date and time adjustment from the pending date of contract, so lets say the contract date was one month prior to the closing date, so that would require a another -3% adjustment or -8,700, now that 300K sale is a $280,100 comparable just on two adjustment not counting sf adjustment and other adjustments. NO ONE can appraise your home here without doing an appraisal, and I have never figured out why people think someone can. Trust me zillow is a joke and is about accurate as a blind man in a shooting contest. Also the appraiser MUST use foreclosures homes per Fannie Mae Due to the changes in the market condition, REO/foreclosed properties are much more prevalent. It is important that the appraiser establish the true market value of the subject property by including all available sales. Effective with appraisal reports completed on or after January 1, 2009, if REO/foreclosed properties are appropriate comparables, the appraiser must include them in the sales comparison. It is not acceptable for the appraiser to exclude these properties when establishing the market value. Also home owner always think there home is worth more than it really is, I see it all the time. The only way to know what your home is worth is to have it appraised prior to setting a sales price. Remember RE agents are not appraiser and can not appraiser any home per federal law. They can give you a guess but that's about it.

Hi,

i would advise you to seek the help of a real estate agent. Look for a reputable company that could assess the current condition of your house. There are factors to consider like the the location, the size of the property, the age of property and etc. They will give you price range for your rental property. The best part here is that they can even help you advertise the porperty and look for prospect clients.
Goodluck!