Determining SOW and ARV
Hey folks, this is my first time even considering investing in real estate and while I am doing all I can to learn about the process and techniques, I still have some questions, so thank you for your patience as I work this out.
I am in Rochester, NY and am looking to buy a small multi family to house hack then hold. The Section 8 demand here is out of control - waitlists are closed and there just aren't enough rentals, so I am considering that as an option to keep open as I look at properties. Also, there are universities and hospitals to consider during my search. Working with a real estate agent I have been looking at houses, mostly in C neighborhoods (which might be all I can afford at the moment unless I find a C property in a B neighborhood).
The problem I'm finding is that I don't know how to estimate SOW and ARV for a rehab. How do I learn how to do this? I'm willing to learn by doing, but I want to make sure I cover all my bases before I do, so if there is a good way to prepare for looking at homes that need work and estimating what that looks like, please include tips here. Thanks so much!