How to determine current value of SFR

[Derek Martin]

Good morning everyone,

I'm interested in purchasing a SFR from another real estate investor. It is currently rented out and seems to cashflow very nicely. I'm still working through some things but all the numbers look great so far.

My only question is...how can I determine the current value of the property? Zillow, Trulia, and Redfin are all over the board. This is also a few towns away from my core area. This is going to be a small cash deal and neither party is represented by an agent. Nevertheless, should I just call up a local agent and ask them to price it out? I'm not buying it for its appreciation, but knowing the true value would be a helpful piece to the puzzle.

[Brie Schmidt]

@Derek Martin - If you do not have a Realtor you can search on redfin.com for active, pending, and sold listings

Then there is an option on the bottom left to download the data

From there you can "pull comps" You are looking for 3 properties that are active, pending, and sold that are in the same general condition.  They also want to be with 15% of the square footage and in close proximity (use 1/2 mile if city about 1 mile in burbs)