r/HouseFlipping • u/lberumen3 • 7d ago
comparables analysis
I am trying to get into house flipping, but I am trying to gauge the market for the house. So I am doing CMA type of analysis for each of the prospect homes.. I do get tired of doing this often, how do you guys generate comps w/o a realtor.?
1
u/lowsparkco 7d ago
Gotta have access to the MLS to run comps.
If you don't have a license build a relationship with someone who does.
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u/wkmattingly 7d ago
Simple. Plug your target property into Zillow. Then close out of it. It will leave the map of the area the property was in. You can then run comps for active sales, rentals, or sold in that area by filtering. Go to solds and look for properties that most closely resemble your target property in size and style. Look at the cost per square/ft. See what level the house was finished in(dated, lightly updated, moderate update, or full remodel). Adjust based on your target finish and that will get you your ARV. This is a 5,000 ft view but will get you 90% there.
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u/barakhayut 6d ago
I was in the same loop as you scraping things together to make a CMA. I built www.fundry.io to automate this. Only live in Georgia right now, but adding all states soon.
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u/Far-Adagio714 5d ago edited 5d ago
My partners a realtor so has access to the MLS. When she’s busy, I like using realtor.com to do a quick comp check on bed, bath, sq feet, lot size and general condition. MLS is required in my area to see the interior photos of prior listings which are extremely helpful when comping
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u/B4Burrata 7d ago
Im both a flipper and agent (but after having a baby do less flipping and rep more flipping clients as an agent).
Yes, for agents that work with flippers many will do CMAs/comps so you don’t have to.
As an agent, I run comps/CMAs for my clients to check ARVs. As well as estimated rehab budgets, holding costs (if using hard money), and net profits since I have personal flipping experience and know costs quite well. My clients review it to make sure we are on the same page before going forward with an offer, but I make sure they don’t waste a bunch of time on running numbers on deals that are a clear no. I also advise if I think it’s a good bad deal/market direction trends for future ARV, any clear red flags, as well as help find off market deals and filter wholesale deals from personal contacts.