Key components of learning your market area

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What are the key components that are essential to learning a market that one is interested in doing fix and flips in? I keep reading and hearing other investors say "learn your market" what components do I need to master? Thanks in advance.

@Melody Bynum Being able to comp your property correct is essential. This is how you know you are getting a good deal or not. Also knowing the days on market will give you an estimation how long you could be potentially holding the property. You can find out this info at your local REIA.

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