Flip Property Comp Help
Hey all,
I'm getting into the flipping scene, but I'm still having some trouble with getting good comps. Does anyone have a good way to get comparable properties that were sold within the past 3-6months and within a 1/2 - 3/4 mile radius of the property aside from the MLS? Do you just need to click on every single nearby house on Zillow with similar specs? Any thoughts or advice helps, thanks!
J.Scott has a great book on Flipping Houses. Within it there's tables laid out for every item, age and condition.
I run a filter on realtor.com and check for recently sold. Throw the numbers into the tables on a spreadsheet for finding the ARV and compare the move-in ready vs flip ready. I have a really complex borderline OCD method of doing comps but I'm sure there's an easier way out there.
Avoid any zillow estimates. Once you have your own system in place, your own numbers will be more reliable.
#2 Starting Out Contributor
- Specialist
- Mendham, NJ
You can not do accurate comps without the MLS. You will always be wrong. Redfin has the best data, but sold data is not treated the same way in all markets so much less appears on sites that focus on active listings. You will need an agent, so meet one you want to work with and have them send true comps. Do not think you can do it without the MLS, you definitely can not.
Jason Kang: If you are using Zillow Sold Comps, it will be helpful, but they don't have the best data. I know one of the other commentors said RedFin is better, but I would say you can use Realtor.com. They are run by the National Association of Realtors, so their data is the most accurate. There are many avenues. The MLS is not always needed for comps, but it is very helpful. Your local county sales records are just as accurate as most online portals.
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Real Estate Agent
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I echo the comment above that the MLS is the best resource for comps. It's the original source from which Zillow and all the other services feed. As such it has the most current and accurate information. Find an agent and offer to pay them for their time running comps for you. As you probably know, Zillow is not always accurate and "Zestimates" are typically wrong unless you're in a cookie-cutter neighborhood with a lot of home sales.
Quote from @Ruth Lyons:
and "Zestimates" are typically wrong unless you're in a cookie-cutter neighborhood with a lot of home sales.
Even in those cases, the zestimates can be off, never go by zillow "zestimate", worst thing in the industry for valuations on homes!
MLS sold comps is what you need. Anything short of that, you increase your odds of being off which usually equates to money loss!