First Potential Flip

[Morgan D'Cruz]

Hey BPers, I'm looking at doing my first flip in San Diego. The only hesitation I have with this deal is that I THINK it could sell for 580k based on comps but this area is not consistent. There are homes that have original finishes, same sf and location and sell for 550k and others that are moderately updated and sell for between 505k and 600k. There are definitely comps in the area, just lack of consistency. I know there is always some level of risk but I'm trying to at least take on a manageable amount and be realistic about the sales price. Any advice for a first timer? Thanks!

[Sarah D.]

@Morgan D'Cruz What part of San Diego is it in?  Have you factored in realtor's fees and closing costs?  What profit are you expecting (my guess is ~10K?)?

San Diego has some very distinct neighborhood boundaries that aren't apparent if you aren't intimately familiar with the area.  Perhaps that's the reason for the inconsistency in comps?