I'm having trouble running comps to determine the ARV of a home. Does anyone have any tips or techniques you use to determine ARV? It's hard to find perfect comps in terms of rooms, bathrooms, garage, etc. I'm not sure how to figure out how much value is added from lets say an extra room or an extra bathroom. I know it depends on the market but like I said Id like to know if there are any techniques or tips you guys are using.
I'd suggest connecting with realtors who are also real estate investors to help you gain access to the multiple list service. There are some 3rd parties you could pay a subscription to gain access. I find the age of house, structure type, beds and baths, & sq footage to be the most important. If you are wholesaling, then you may want to find out what cash buyers are actually buying properties for and in what shape to gauge your offer price. Good luck!
@Alonso Fernandez Maldonado I agree with @Courtney Rollins - the age, bed/bath, square footage and finishes (granite vs formica, hardwood vs carpet, etc.). I honestly haven't worried much about extra rooms as they will still be included in the overall square footage. Usually homes the same age, in the same neighborhood with the same bed/bath will have the same room count.
Do you have access to the MLS? If not you HAVE to get access. You can't accurately estimate ARV without it.
Best of luck!