Hello BP community REI newbie here, I first want to say bigger pockets is awesome, I'm learning a lot.
My question is on analizing properties, I havent learned how to do this yet. I understand comparing comps but without that and just looking at a property how do you determine if its a good deal?
My situation is this, In my area my subdivision we have $250-$400.000 homes. Right at the end of the division not in the division there is a house that has been vacant for about 2yrs. The house sold for $96 in 2006 built in 1972. For Sale in 2012 for 109,900, listed for $84,000 1/7/13. $74,000 3/14/13, $69,000-9/16/13. The price keeps changing the listing cost. Currently listed at $81,000 9/29/14. It seems like something good, not in the position to purchse my self, wondering how to proceed.
Could be a good deal or bad. I see homes in Durham start at 30k on the MLS. They are probably not using the 250-400k homes as comps because they are newer and people tend to like new and shiny things.
There's a house I'm interested in buying right now listed at 30k. House 2 doors down is listed at 200k mostly because it appears to be newer construction that doesn't need any repairs.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!