What do investors look at first when evaluating a wholesale deal
Wholesaler · Indianapolis · Member since 2026 · 59 posts · 27 votes
As a newer wholesaler focusing on Indianapolis, I’m trying to improve my ability to recognize good deals before bringing them to investors.
When you receive a potential wholesale deal, what are the first 2–3 things you look at?
ARV?
Repair costs?
Location?
Rental demand?
Cash flow?
I’m trying to build better habits early and would appreciate hearing how experienced investors quickly decide whether a deal is worth pursuing.
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
Brian nailed it. The numbers have to be real. Where I'd add to that: most new wholesalers I see underestimate repairs because they're estimating based on photos, not boots-on-the-ground walkthroughs. @Rhema Odika, if you're serious about getting good fast, spend time with contractors before you quote a deal. They'll show you what you're missing.
Now, if you've already got contractor experience or a solid grasp on rehab costs—great. Then shift your focus to finding the hidden gems: properties where creative adds (new bedroom/bathroom, ADU in a detached garage) can make a mediocre deal work. That's what turns you into an investor's or realtor's go-to source.
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
Hi Brian,
Thank you for the insight. I’m still new to wholesaling and learning how investors evaluate deals before spending too much time on them.
Your point about realistic numbers and understanding the strategy behind a property really stood out to me. I’d love to connect and learn from your experience.
Thanks again,
Rhema
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
Brian nailed it. The numbers have to be real. Where I'd add to that: most new wholesalers I see underestimate repairs because they're estimating based on photos, not boots-on-the-ground walkthroughs. @Rhema Odika, if you're serious about getting good fast, spend time with contractors before you quote a deal. They'll show you what you're missing.
Now, if you've already got contractor experience or a solid grasp on rehab costs—great. Then shift your focus to finding the hidden gems: properties where creative adds (new bedroom/bathroom, ADU in a detached garage) can make a mediocre deal work. That's what turns you into an investor's or realtor's go-to source.
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
Brian nailed it. The numbers have to be real. Where I'd add to that: most new wholesalers I see underestimate repairs because they're estimating based on photos, not boots-on-the-ground walkthroughs. @Rhema Odika, if you're serious about getting good fast, spend time with contractors before you quote a deal. They'll show you what you're missing.
Now, if you've already got contractor experience or a solid grasp on rehab costs—great. Then shift your focus to finding the hidden gems: properties where creative adds (new bedroom/bathroom, ADU in a detached garage) can make a mediocre deal work. That's what turns you into an investor's or realtor's go-to source.
Thanks, Andres. That makes a lot of sense.
I hadn’t really thought about focusing on hidden value opportunities like extra bedrooms, ADUs, or other ways to increase a property’s potential. I’ll spend more time learning rehab costs and looking beyond the basic numbers.
I appreciate you sharing your experience.
For me, it starts with whether the numbers are realistic.
A deal can have a great ARV on paper, but if the repair budget is too low or the ARV is based on overly optimistic comps, nothing else really matters. After that, I'd look at the location and ask whether the investment strategy makes sense for that area. A great flip market isn't always a great rental market, and vice versa.
I'd be interested to hear whether other investors have a quick filter they use before spending time digging deeper.
Brian nailed it. The numbers have to be real. Where I'd add to that: most new wholesalers I see underestimate repairs because they're estimating based on photos, not boots-on-the-ground walkthroughs. @Rhema Odika, if you're serious about getting good fast, spend time with contractors before you quote a deal. They'll show you what you're missing.
Now, if you've already got contractor experience or a solid grasp on rehab costs—great. Then shift your focus to finding the hidden gems: properties where creative adds (new bedroom/bathroom, ADU in a detached garage) can make a mediocre deal work. That's what turns you into an investor's or realtor's go-to source.
ARV first, but the comp selection is where most beginners get burned in Indy. Marion County has enough neighborhood variance that a comp two streets over can be meaningfully wrong. Buyers will repull comps anyway, so if yours don't hold up, the deal dies on review. Get that right before you stress about repair estimates.
ARV first, but the comp selection is where most beginners get burned in Indy. Marion County has enough neighborhood variance that a comp two streets over can be meaningfully wrong. Buyers will repull comps anyway, so if yours don't hold up, the deal dies on review. Get that right before you stress about repair estimates.
Thanks Carson, I appreciate it.
I’d love to stay connected as well. Looking forward to learning more and hopefully working together on a deal in the future.
For me, the first things I look at are location, ARV, and condition. Location comes first because a great-looking deal in an area where investors and buyers aren't active can still be a bad deal. Once the location checks out, I look at the ARV based on recent sold comps, not optimistic estimates. Then I evaluate the condition of the property and the likely repair costs. A house that needs paint and flooring is a very different deal than one that needs a roof, HVAC, or foundation work. After that, I'll look at rental demand, cash flow potential, and exit strategy. The biggest mistake I see newer wholesalers make is getting excited about a spread before confirming the comps. Most experienced investors can make a quick decision by looking at location, ARV, repairs, and price. Everything else tends to come after that.
This thread hits on the two biggest pain points: repair estimates and comp selection. Both get easier when you control the sourcing.
Most wholesalers pull from the same tools — Driving for Dollars, PropStream, ListSource — so the deals look identical. When every wholesaler sends you the same property with the same generic repair estimate, it's hard to tell which deals are real.
County public records change that. When a property shows up on the tax collector's delinquent list AND has code enforcement violations AND appears in clerk of court records (probate, liens), you have three independent confirmations of distress. The motivation is verified before you even run comps.
Here's what makes this useful for the evaluation questions in this thread:
1. **Repair estimates**: County code enforcement violation descriptions include dollar-amount estimates from county inspectors. When a property has an open code file with itemized violations and documented costs, that's government-documented repair data — more credible than a wholesaler's photo-based guess.
2. **Comp selection**: When you're working with converged distress properties (appearing on multiple county lists), you know exactly why the property is distressed. That makes it easier to explain to buyers why the comps are defensible — the property isn't just "off-market," it's verified distressed through multiple public record sources.
3. **Quick filter**: Brian asked about a quick filter before digging deeper. Cross-referencing three county data sources is that filter. If a property only appears on one list, it might be noise. If it appears on three, the distress is real.
The county data is free and public. Tax collector (tax delinquent), code enforcement (violations with repair costs), clerk of court (probate, liens). When the same property shows up in all three, you have a converged distress signal that makes the evaluation conversation with buyers much shorter.