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Cost difference between a single family vs. 2-family property?

I am buying this property in Queens, NY. It was originally a single family house, the sellers had put in an extension about 10 years ago and made it a legal two-family house (it now has a separate 1-bed apt on the 2nd floor). The asking price of the house is $700,000. 

The single-family house next door was sold about a month ago for $460,000. The two houses are identical except this one does not have an extension and it was not renovated as nice as the two-family house. 

Question: the price difference between those two houses is about $250,000, is this considered normal? If everything else's identical, typically how much more does a 2-family property cost compared to a single family house? 
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October 02 2012 - Rego Park
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Thanks for posting your question on Zillow.com!

Well, if one is a SFH and the other a duplex or 2 family home (separate utilities) then they are NOT exactly the same and are quite different.  So, yes, that is normal for such a price difference.

Also, the SFH is "listed" for $700k, that certainly does not mean it will sell for that.  It could sell for $500k.

Hopefully you have a full time, local Realtor working for you.  If not, let me know and I will put you in touch with one.

Best of luck.
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October 02 2012
I don't believe you can compare a single family home with a duplex. Even though they started out the same, an appraiser would only compare duplexes with other duplexes.

You really need to talk to a couple of local Realtors and get their thoughts on what the home is worth. It could be a steal or it could be vastly over-priced. It all depends on the recent sales comps.
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October 02 2012
You need to contact a couple of listing agents and ask them to provide you with a comparative market analysis CMA.  When the appraiser does the appraisal of your property, it will be compared with similar properties.  The listing agent you choose, will be able to identify the type of property, whether is was permitted as having an in-law apartment, or if it is permitted as a duplex  or multi-family.  The fact that this property provides you with an extra income, makes it already different from the one next door, and please disregard the Zestimates, they are not always accurate.  It would be interesting what the assessed value of the two properties is, but only of interest, since that does not have much impact on the listing price.
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October 02 2012
 
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