How does one verify the information and numbers?

[Faaiz Khan]

Hey, I am brand new in RE but very excited and anxious to get started. Though I am relatively new to St Louis (just 2 years), I have driven around for hours, looked at properties, spoken to agents / developers, etc. 

I feel really good about a certain house that needs a lot of rehab work. It seems properties sold in last 6 months of similar nature in local and similar areas are close to the asking price. All the comps in the area indicate a lot of room for a flip potential. It is also a very desirable area for living so buy and hold could be another option

My question is how does one verify the information and numbers? Am I being nervous because it's my first deal of the sort? How do I know I am doing the numbers right or look at what I am missing?

Info on deal I am looking at:

ZipCode: 63131
Single Family Home, 3 bed, 2 bath, Approx 1100 sq ft.
Price: $225k ( I believe price should be $180k)
Flip potential: $280k / $300k

[Andrew Syrios]

Which numbers are you looking to verify, the comps or the rehab? With regards to rehab, many contractors are willing to give you a qoute on the work. You don't want to abuse this and ask for tons of quotes, but espeically if they know there's a good chance of getting the work, most will offer a bid (just make sure they've either included everything or that you add in anything they don't bid, like say the appliances).

As far as the value goes, the best and really only way to do that is with comparables. The MLS is by far the best. Although you can use Zillow or Trulia too. If you don't have access to the MLS, you can ask a Realtor, preferably one you are or have worked with, to do a quick CMA for you.