I have a question, how do I estimate the arv on a high end property that has been flooded here in Houston and it’s worth 860k? Is it the same rule as the 70%?
Truth is I have never gotten a house at this price point, as I only focus on houses 150k and below. I don’t want to mess this one up. Any help and advise would be greatly appreciated!
@Edwin Campos for me, estimating an ARV is the same on a $150k or a $750k house. You find homes that recently sold, that are similar in size/sq ft, bed/bath count, and features in the vicinity. The tough part comes down to estimating repair costs as the finishes tend to be quite different in a $150k house versus a higher end home.
Hopefully someone in the Houston market can chime in with more specifics. Good luck!
Sounds to me like you're jumping into the really deep end of the pool with this one.
As far as figuring ARV, you do it like any other house. You pull up comps of similar homes in the same neighborhood.
But rehab costs are a totally different matter. One thing I learned during the Harvey experience is that rehabbing flooded homes is much more expensive than a typical rehab. And with high-end homes, you're also talking high-end materials.