Method to search for properties underpriced for the area
I am wondering what methods people have found most efficient and effective for searching for listed properties in an area that are priced lower than the surrounding homes.
I bought a car recently and there was this great website that would aggregate the cars listed on a bunch of sites and every deal would get a ranking from overpriced to 'great deal' just based on comparisons with similar vehicles.
I'm trying to find some way to do a similar search with listed properties. Usually I will look at a certain area, establish kind of a range of values for that area, then start looking for prices on the low end. The problem is that this is tedious. Widening the search area does not help because the price range of the adjoining neighborhoods might be lower or higher.
What I would love to be able to do would be to search an entire metro area and only receive results that are priced in the bottom 10% for the zip code, or that are priced 25% less than other homes on the street, etc. Some might be $1m homes in a $2m neighborhood, others might be $30k homes in a $50k neighborhood, but the search function would recognize the lower relative price. I think that would be a really helpful function.
Does anyone know if something like this exists? I have local mls and have also used realtor.com, zillow, trulia, etc.