Finding Comps and Estimating ARV

[Andrew Gonzalez]

Hello Lovely and Helpful BiggerPockets Community,

I'm currently looking to nail down my process (website by website, click by click) on analyzing Comps of a subject property so I can get an educated estimated ARV.

Can anyone share their process or perhaps point me to an educational video on the best way to go about this?

I find myself sourcing info from multiple websites (Zillow, Redfin, Realtor.com, Trulia) but do not have a good direction/process to get to my final product of a well thought out ARV.

Thanks for your help as always,

Andrew

[Jaron Walling]

I would advice you to take caution using any estimates provided by sites like Zillow, Redfin, or Realtor.com. They can be misleading and don't often reflect the condition of the properties. If using sites like this make sure you look at recently sold comps (6-12 months) with similar bed room/bath rooms. You want compare finishes in those rooms because that affects the price. Look for HVAC photos. Older homes with JUNKY heating and air conditioning systems don't sell as well. Look at the roof. These are big ticket item that effect the price. 

Above all else is location. It's the first and last thing to consider. It's smart to keep the search hyper local, < half mile radius from the property. My market is street by street because we have nice neighborhoods near trashy neighborhoods.  

The best thing you could do is contact a local agent. They do this for a living and understand the ARV investors are looking for. You may not find any deals on the MLS but they can certainly help you sell! Good luck man.