Rental Comps for a 203k?

Categories: Brokers

We’re doing a 203k in Crown Heights North, and are having trouble finding reasonable rental comps. It seems there’s not a lot of reported listings for rented units, and the ones used by the appraiser put us underwater for the 203k.

The property is at Sterling and Franklin, each unit is a 1000 square foot 3 bedroom, and the ground floor has a large private garden.

The appraiser put us down for $1650 per unit. We’d like to be someplace north of $1800 per unit, but are having trouble finding comps to counter the appraisal.

Our broker has turned out to be not terribly useful in this case. Anyone have any suggestions?

By eastbloc | 09/09/2009 1:18 PM