Establishing best asking price for a flip

[Craig J.]

Hello fellow real estate investors! I have a current flip outside of my home state. The area is about 85 miles from Nashville but in KY. I have opened up the floor plan, making the kitchen, dining room and living room one large room. There were red oak hardwoods virtually throughout and I added same into kitchen. Kitchen was gutted and new cabinets and stainless appliances added. Some old cabinets were used to make butler's pantry in dining room closet. Home has 2 full baths that I gutted and replaced tile and vanities adding double sinks and granite to each. Large utility room was divided up to have walk in pantry with barn door, a mud room area and a laundry area with tile floor added. New HVAC 3 ton system was added. Landscaping is getting cleaned up with trimming trees, adding planting beds. My question is this....If this home, being a 3 br/2 bath with approx 1800 ft, were in Nashville, I would probably be able to sell it between $290-325K. Thgis home is in Hopkinsville, KY near FT Campbell and in best school district. My problem is that most in neighborhood have not been equally upgraded and thus do not offer very good comparables. Is there another way that you folks have found to estimate a renovated value? I do not want to leave money on the table.

[Wayne Brooks]

Appraisers know the value adjustments for rehabbed verses not. No rehabbed comps could be an issue though. I’d spend $400 or so and get a real appraisal.....the only way to know and I’ve had clients/myself do it multiple times.