Whenever we evaluate multifamily properties, single-family properties, or commercial spaces, we typically ask ourselves the same questions:
1. What is the zoning? What things are we allowed to do that will enhance the property’s value?
2. What is the access to the property like? Will getting to the property be difficult?
“The highest and best use of a property depends on the buyer.”
3. What is the topography like? Will it be difficult to improve upon? Will retaining walls or other costly additions become necessary?
4. Where are the utilities? Do we have access? Will it cost us additional money to get to those?
5. What is the market like? What are the comparable homes doing in this market? If the market changes, can we put you in a protected position in the market? What are rent rates like?
Once you’ve managed to locate a great property and acquire it for an amazing price, you have options regarding what to do with it. You could keep it and generate monthly cash flow by renting it, or you could tear down the property and do something else with the acreage. The highest and best use of a property depends on the buyer.
If you have any questions regarding how we evaluate homes or if you have a property you’re wondering what you can do with, don’t hesitate to reach out to us. We’re here to help you.