Best way to find comps (Not a Realestate Agent)

[Brandon Ropp]

I am new to real estate investing, looking for my first project and wondering what the most accurate way is to run comps on properties. I have been evaluating properties in the areas of Wilmington, Newark, Elsmere and Hockessin in Delaware and Delaware County in Pennsylvania; it appears that each area has significantly different types of markets and investment opportunities. I am wondering what the best ways are to find accurate comps for different markets, do you have any preferred methods besides relying on a realtor? 

Thank you

[Charlie MacPherson]

@Brandon Ropp  This is a "what's the best way to have an appendectomy, beside using a doctor?" type of question.  The answer is to go to the doctor!

The trick to running comps is that you need deep, local knowledge. 

For instance, I live in Plymouth, MA. I can tell you from local knowledge that a 3/2 SFR in North Plymouth isn't going to sell as well as a 3/2 in South Plymouth which isn't going to sell as well as a 3/2 in West Plymouth, which isn't going to sell as well as a 3/2 in White Cliffs which isn't going to sell as well as a 3/2 in Pine Hills, which isn't going to sell as well as a 3/2 on the east side of Warren Ave.

You also need to be able to drill down deep on the factors that drive a home's value. For the home itself, beds, baths, square feet, acres, garage, basement, age, renovations, floor plan, septic, REO or short sale, etc.

On the outside, look for the positives: proximity to commuting options (bus, train), shopping, beaches, highways, recreation, views (mountain, water, cranberry bogs, forest, other scenic elements). 

Then the negatives: Train tracks, outdoor gun ranges, air strips, school zones, kennels, flood zones, busy/noisy roads, industrial activity, proximity to odor-generating things like a landfill, paper mill, fish processing plant, etc.

In other words, unless you have another reliable source of this kind of detail, USE A REALTOR.