How to know you got a good deal on a property or not?

[Joshua D.]

So what is the most accurate way to know you got a good deal on a property? Get a appraisal done on property? But it seems everything goes off comps so what in saying is you can buy a junk 3 bedroom/2 bath in a nice neighborhood and get it appraised and just goes off of comps. But you know that no one would pay that much for it in that condition. Thoughts on this subject please?

[Jacob A.]

@Joshua D.

The best way I have found to determine if you have a good deal or not is to simply run the numbers. 

I personally don't worry with appraisals before I purchase because I am not in the business of tossing money away. Use the tools on this site and run the numbers based on payment, rent amount, expenses, and such. 

If it makes sense, go for it, if not walk away. Make friends with a realtor and ask them what a 3/2 would rent/sell for and then work the numbers to see if it works. 

Let me know if I can be of any help!