BiggerPockets

The same thing you would do with listed properties.

You generally want to get active, sold and under contract comp info on any property. Whether you use the MLS or not to do this for listed properties, you would do it the same way for unlisted properties.

Whether a property is listed or not isn't really relevant to how you would comp it, apart from the fact that the listing price is helpful as a "check" on whether or not you've done your valuation correctly. That isn't to say, however, that the listing price IS the value; if you think it is listed high and has been on the market for quite some time, or you think it is low and just went on the market, the listing price can help confirm your valuation (as opposed to being a substitute for it).

Assuming I have MLS access for the subject property:

To get an idea of ballpark value (within 5%) to determine whether or not the property warrants further consideration: About 90 seconds.

To be very confident of my value (within 2%): About 7-8 minutes.

Bear in mind, I only know two counties and only very specific pockets of those two counties.

Lack of POF and/or track record = tough sell when promising a listing for a property you don't have the means to buy.

Why not offer to pay one of these brokers to run valuation reports for you? $$ talks.

One other concept. Which I may be reading too far into your question. "ARV" After Repair Value is not a value that exceeds the going market value. ARV and market value are the same thing. ARV is meant to illustrate that repairs are needed. It does not mean there is some higher number that can be achieved by doing repairs.

If you buy a home with an ARV of 100k, its market value after you complete the repairs is 100k. If the price you pay for that home is 90k and you put 20k of repairs in, it does not mean the home will be worth 110k. It means you have a real nice 100k home and "overbuilt" (aka lost money).

A home with the 100k ARV should have a "As Is" value (value right now before repairs) that allows you to put the repairs in and make some money, say around 50k, so when you put 20k in your cost basis in the property is 70k which you can then sell for the ARV/Market Value of 100k and make a couple bucks.

Again, I may have read too far into your question and understanding of the concepts.

Back to Shane's hijack for a minute:

You aren't getting the time of day because you aren't valuable to anyone. You're a guy who doesn't know how to evaluate properties (which is why you are asking agents for help) and can't buy one if you do find a good one (which is why you think you have a private money lender but you actually don't). If you paid me to do your valuations for you, you'd have to pay me $200/hr because you wouldn't ever buy anything I evaluated for you. Make sense?

If you want to pay $200/hr: Yes.

If you don't: No.

lol Jake you're too fast. I was typing while you answered above. Didn't ask the question after you already answered it. Just saying :)

I understand your thought process completely, as I'm sure it's the same with my local agents. Aside from the POF, is there anything besided paying you $200/hr that would CONVINCE you that I'll be able to buy something, and know what to do with it to turn a profit?

If not, that's cool, but I'm from Danny's school of thought...

If I were an agent, and Joe Schmo came to me and said, "hey can you run a couple comps for me, and if I aquire these houses, I'll list them with you for resale or rent?" And have a simple signed agreement stating so...I'd be inclined to spend a few minutes working out those few comps if they were "bread and butter" simple. Is one $2500 commission going to make or break me, no. But I'm all about helping people, and 30 minutes here and there definitely WON'T break me.

As to "valuating a property", in TX, there's really no way to know for sure without MLS access, which I can't get without an agent. I know what all types of properties "list" and "last list Price" is per square foot in my county, for just about all areas. I just don't know what they're selling for. I'd assume 5-10% under the last list price, but I can't verify that without an agent. See where I'm going?

Danny, brokers should work for the business, however, if all you have to sell is your dream, i.e. you have no funding and no track record, then you will probably need to pay for their time.

Antonio,
Follow the above advice and you should be able to come up with comps, listed or not does not affect the process.
When working solo, especially as a newbie having on intimate knowledge of your area of operation (like Jake mentioned) is key in being confident in comps and knowing what is and is not a deal. There are enough resources online that you should be able to confidently find comps on your own. I personally do not like zillow I have yet to see an accurate Zestimate at lease in my area. Look for agencies that have all of their recently sold properties listed online as well as for sale as another resource.

Dion,
I always thought ARV and Market Value were different animals that depending on the condition of the property could end up being the value.
A house with ARV of $100,000 that needs $20,000 in repair would have a Market Value of $80,000 (what it is "worth" on the market "as is") if it didn't need the $20k the ARV and Market Value would be the same. That is why you want to buy below Market Value.