I've managed to acquire the "new valuation" for the whole property which the unit I am renting currently is part. The new valuation amount is $525,000
Now.. the 'block' of units is only really four units. The garages are on the ground level with my unit having the double garage. The first two units (Unit 1 and 2) on the second floor are actually one unit. The third unit (Unit 3) has recently been renovated. The fourth unit (the one I am a tenant within/renting) is probably in worse shape than the other ones due to being a rental unit (it requires a reno. basically -- I rent it 'unfurnished').
Now here's the thing... I'm speculating that the unit I'm in due to how it is a rental unit and not in the best of shape compared with the other two units (remember Units 1 and 2 is actually one unit) will be worth the lesser amount. If you divide the new valuation figure by four it works out to be $131,250 .... so I'm speculating that the unit I'm currently renting would be worth $120,000-$125,000 at the very best...
The reason I post this is I am curious to your opinions... do you think I'm close to the mark as to the value of the unit I am within? The reason my curiousity has piqued is ... if the unit is this cheap I might be able to afford it as a home residence (mortgage, rates and so forth).
The value went up btw from $375,000 to $525,000.



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