Front home can be made into a 2,374 sf single family in 1 hour. Current owner lives in upper floor. Real In-law suite averages $2,000/mo or $24,000/yr. Current rental income: $4,100/mo or $50,000/yr (however, rents are at a 20 year low) Fair comps don’t exist since it’s a true separate structure with the in-law suite. You will likely not find another at this price point. One fair way to comp this property is to apply fair comps to the front home which is around $1,000,000 and add the cost to build a small home in back, which would be $300,000 with a sell value of $400,000. The “value” for me has been rental income of 2,000/mo x 15 years = $360,000. Therefore, a fair price is over $1,300,000. The only good 1 -12 free public school in all of New Orleans, Willow Elementary 1 block away and Willow High is a bike ride for the kids. No commute or line waiting for 12 years = value.
