Single family vs. two-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 $250,000. Am I overpaying for the two-family property?