So to put things short, my landlord is selling our apartment complex (well attempting). He’s valued the old 1920s apartment that hasn’t been fixed since he bought in the late 90s to early 2000s at 370k. It has roof problems (parts of it are falling letting water into the walls), wall problems, etc. It has a lot of work to do. The list of problems is long. The only thing going for the apartment that I think the appraiser might see as a positive is the new fridge and stove (but those weren’t bought by the current owners, that’s ours and will be taken w us once we move out). I read online appliances matter, I don’t know if that’s true.
I don’t think the bank will lend 370k for the apartment, but according to my dad it will because of the location in a big city + the neighborhood starting to be gentrified.
My question is how much is the location matter in real estate and in this case the appraisal.
Don’t roast me ok. I know to the more experienced realtor it’s common sense. I’m 18, I’m curious on how real estate works as one day I will love to go into it. 🙂