Finding arv for houses that don’t have similars around

Flipper/Rehabber · Member since 2019 · 78 posts · 31 votes

Okay so I’d say 8/10 times I’m very accurate on running comps but then I’ll stumble along a situation that I have trouble finding the arv and was wondering if anyone could give me some insight to help me in these situations

1) there are no other comps in area sold with similar bed and bath

2) the house isn’t legally a 3/1 like the other comps but is the same sq ft range. Do I run these with the 3/1 or how would I do this

would I average out the sq ft sold for the other houses then times the average sq ft for this house and just add extra repair cost to converting it into the 3/1?

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Armani Emon
Baltimore, MD · Member since 2019 · 85 posts · 37 votes
7y
So one option that you can do is pair up with a good local realtor.
Offer him leads that don't fit your criteria such as retail deals.
In exchange he run comps on your deals for you.
Maybe the MLS can present some good comps for you.
If you check zillow, redfin, and MLS and still cant find any good comps.
I suggest you begin looking in another area because the area you are thinking of investing
in doesn't have very good comparable sales..so 9/10 that home wont sell
(Typically I find that homes located in a nearby area and have the same sqft
can have the same comparables. )
I often use comparables that have nothing in common but the sqft and many investors do not mind.
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