How do i analyze a property renovation

Question

How do I analyze a property and how much  renovations should cost if there isn't any recently sold homes in area

Caleb Brown · Answer

How far out did you look? Is this in a rural area?

Asad Naqvi · Answer

There are many tools out there. I hope to present to the world my tool that i created as a start up. It's dealing with real estate investors and mixes AI. It will solve all your issues!

Marcus Auerbach · Answer

check out some books about real estate investing here on BP...

Bryan Coll · Answer

Agreed with the other comments about expanding our search radius.

The other suggestion is getting multiple bids from contractors to ensure that you aren't getting ripped off by someone & it will help your negotiations with the seller as well.

G. Brian Davis · Answer

Hi @Steven Young, If there aren’t recent comps, try expanding your search to nearby areas with similar properties and adjust from there to get a conservative ARV. For rehab, walk the property carefully and estimate line by line, or get a couple contractor quotes to keep yourself grounded. When in doubt, just stay conservative on both value and costs.If you share some details, you can usually get really helpful feedback from the BiggerPockets forum too.

Nicholas L. · Answer

@Steven Young

OK - I don't know anything about it and don't know your area but if it's listed on the market and others haven't snapped it up, it's not a good deal

On to the next

Nicholas L. · Answer

@Steven Young

can you be more specific about what you're looking for?

how to analyze a property, how much renovations should cost, and how much comps will be are all big, overlapping questions

hope this helps