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Updated about 12 years ago on . Most recent reply

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John Horner
  • Flipper/Rehabber
  • Columbus, OH
655
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1,158
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Deal Analysis - should I include foreclosures when evaluation comps

John Horner
  • Flipper/Rehabber
  • Columbus, OH
Posted

I am working on putting a property in contract to wholesale in a great and safe neighborhood in Columbus, OH. My problem is with evaluating the comps.

Property I'm looking at:
asking $60k but willing to negotiate
Currently rented for $950/month but tenant will move out early
Neighborhood is all SFH and primarily owner occupied.
3 bed, 1.5 bath
House is in great condition, big yard, nice deck, appliances and flooring are outdated but clean and in good working order.

Here are the 6 month comps on the block. Should I value it around $110k because all non-foreclosures have sold around there, or much lower because of the foreclosures?

Price Bed/Bath
$122k 3/2
$121k 3/2.5
$106k 3/1.5
$72k 3/1 (FORECLOSURE)
$68k 3/2 (FORECLOSURE)
$66k 3/1 (FORECLOSURE)

Thanks in advanced for everyone's help!

  • John Horner
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