I was asking in another post that I'm planning to do my first house purchase for a flip. But let's say in doing ARV, there're only brand new houses as a point of comparison for the market value of the property I am looking at. I don't live in the US so we don't have the websites / tools ya'll use to do market research (e.g. to know whether a property was sold brand new or rehabbed). All we have are local listings of the selling price of brand new properties (mostly).
For example, I am looking at this property:
Selling Price: $22,193
Floor size: 100 sqm
Lot size: 70 sqm
No. of Bedrooms: 2
Car Garage: 1
Now, in the same area (about 3km radius), 2-bedroom SFHs are selling for (F - floor size, L - lot size in sqm):
F: 90, L: 100 - $42,537
F: 94, L: 91 - $55,537
F: 72, L: 120 - $33,290
F: 80, L: 80 - $51,000
F: 84, L: 63 - $48,000
However, these are brand new. Is there a better way to roughly calculate the ARV based from these numbers? Like, should I lower the ARV by e.g. 10% as compared to a new house? Let's say, on average, a new home of the same type is selling for $45,000 multiply it by 10%, means I should deduct $4,500 to get to my final ARV.
Can you access Zillow from where you are at? I know that sometimes access is different from outside of a country.
New construction will always say new construction.
You can also tell if it's new or just rehabbed by the Built In [date] information.