Posted by michaela-CA on August 01, 2007 at 18:54:55:
You mentioned old, old houses. If you mean historic homes, then you’re better off with an agent, specializing in that neighborhood, because there can be a major difference in potential ARV, depending on the typ of renovation/restoration being done, even if there are 2 houses with the same bed/baths and sqf. If you tear out the old windows and replace with new it helps value in a semi-modern house, it lowers the value in a historic home.
An appraiser can only give you the tangible comparisons based on b/b and sqf and maybe depending on what you explain.
THe thing is, most investors go too neutral in historic homes and only get in the lower range of what’s possible imo.