This may be a stupid question but I have been racking my brain to figure out the answer. I am looking at several properties in my area but I cannot determine if it would be a good deal or not because I cannot determine the AVR. How does an investor go about determining this price? Is it only based on comps in the area or more based off of what you want to do to the home (fix and flip)?
Any assistance will be greatly appreciated!
You probably can't do this reliably without MLS access and you need a realtor for that. Call an established broker and ask to speak to an agent that that does their own flips or has investment property.
But the short answer to your question is that it's based off comps that are renovated to the level you plan to do in your property. It can be very tricky....cross a major intersection and a house may no longer be considered a comp regardless of how close it is.. Or, one street over might all be new builds, which aren't really a comp for a renovated house from the 80s.
Thank you! I worked in property management previously and am working towards my license now so I should have access to them soon. Until then, I am off to find someone who can get me the data! Thank you so much!