Rental Comps for a 203k?
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…
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?
I don’t really care if I get that much for the units — I can afford to carry the mortgage (just barely). I’m actually hoping to rent the units to friends at very preferential prices.
My problem is that the bank needs to see higher comps to give us the loan.
The comps can be within a one-mile radius, so well into Prospect Heights, Fort Greene, and maybe even Park Slope, as long as the property is comparable (two or three family building, about 1000 square feet, etc).
It just seems that no one puts the rental data back into MLS once units are rented. The only listings we find are ‘active’ and ‘expired’.
It’s ridiculous that we can’t qualify for the loan based on income. There’s a chance we won’t be able to buy this perfectly reasonable and reasonably-priced property in spite of excellent credit and income just because we can’t get comps 🙁
Try http://www.rentometer.com as a start. Also, propertyshark has free comps for purchasing but they may have something for renting as well.
eastbloc- I love my neighborhood but this is a tough market right now. Even though the units sound great and are big, you may have a tough time getting that amount. Good luck though. You could try contacting someone at Crown heights North Association. They may have some suggestions who to talk to. You could also contact G. Todd at Corcoran as he knows this area really well.