Analyzing Deals With Accurate Numbers

6 Replies

Hello BP,

I am starting to analyze numerous amounts of deals in my spare time to get the feel for it.  I am wondering if there are any websites the BP community uses that give accurate numbers such as;

  • Average rent for your area
  • Average PMI for your area
  • Average electricity bill
  • Average water, sewer, and garbage
  • and so on....

I have used a few websites that seem to give me accurate numbers but I would like to know if there are any better sites out there.  Also, if you have used any of the sites below what would be the accuracy rating you would give them?

Property Tax Calculator

https://smartasset.com/taxes/utah-property-tax-cal...

Average Rent In Your Area

https://www.rentjungle.com/average-rent-in-salt-la...

Average Electric Bill 

http://calc.myenergy.com/average-bill/84031/july

Thanks,

Stefan Coles

Salt Lake City, Utah

Accurate? "Statistically, 61.3% of statistics are wrong"!  (Sorry, couldn't resist). Cheers...

Rentometer.com is a popular (and therefore presumably accurate) website for rents in your area. You get 10 free estimates, after which you have to sign up.

Your county assessor or auditor's website will give you the exact property taxes for specific properties. Search by address.

Electric bills will depend on size of family and usage, so I don't know about an average.

Hi @Stefan Coles . Property tax is easy since you can get it from the county assessor's site.

I have not had any good luck with getting rental rates from any website because my units are different than the normal units for my neighborhoods. Take some time to look at what is in your area and get a feel for what "normal" is, then comp your unit(s). Where my 3-unit is, the neighborhood is mostly 1 or 2 level apartments with no yards, strip parking, and no washer/dryer hookups. Mine have off-road parking, fenced courtyard, few shared walls, washer/dryer, etc. If I tried to rent based on rentometer or the other sites I would be WAY below what I could get.

Another good option is to look at websites like craigslist, zillow, www.propertypond.com and see what for rent ads people have posted near your property. However, It won't necessarily give you the price that it will rent at, just what the owner thinks he/she can get out of it. You can call on these ads and view their units to compare them to yours and try to get an idea of how long it has sat vacant. 

I'm in Lehi, so I always do a search by city on KSL.com . It now kicks you into Rentler.com, but it is the main one people in our area are using.

The Utah county's site is free for property tax info, but I don't think Salt Lake's is.

@Stefan Coles I agree with @Rebecca Belnap on using rentler.com to find rent rates in your area or target market. If you're looking at a specific property to purchase, you can call the city and usually get the information you need on the utilities. Questar gas will give you annual averages with a quick call to them. It's been said, but property taxes can be found on county websites. Hope that helps

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