Can I estimate with a "Zestimate"?

[Jordan Hanksion]

Hey BP

Zillow seems like it could be a very useful tool for searching for real estate and gleaning a blind estimate for locations value and rental income.

My question is, just how accurate are these "Zestimates"? Especially in larger cities like Milwaukee, my target market.

Thanks.

[Manny Cirino]

@Jordan Hanksion I don't care what no one says visually zillow is the besting out there. if your area has a lot of sales and you filter it right. it is pretty close. But you should now how to pull comps.  take as many properties that sold in the area within the last 90-180 days at retail value not reos or short sales (you can tell by the pictures if they were rehabbed). make sure they have the same amount of bed and bath, year build and sqft. sqft. should be at most 200 more or less, look at what each one sold for then average out the price per sqft. and that give you a cost.

Example: Analyzing Comps

Deal being analysed 123 main st. Lakeland FL 33810 3/2 1,200 sqft. built 1962

comp 1.) 3/2 1,400 sqft 1963 sold $120,000 price per sqft. $86

comp 2.) 3/2 1,000 sqft 1961 sold $85,000 price per sqft. $85

comp 1.) 3/2 1,252 sqft 1966 sold $110,000 price per sqft. $88

$86 + $85 + $88 = $259 / 3 = $86

$86 per sqft is your ARV so $86 x 1,200 sqft = $102,000

I also use AVM I like these more for this I use Express.RealQuest.com this is 100 times more accurate and easier.