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Updated about 6 years ago,
How to estimate ERC & ARV in a new market
Hello, I've been a real estate agent in Boston for about 10 years and during this time I've bought and sold a couple of condos. The first was listed way under market and I got in and out in a few months with a $50K profit. The 2nd I updated and rented for a few years and just sold for a $230K profit. The last unit I'm still holding but thinking about selling in the Summer when tenant's lease expires. Now that I have a little bit of capital I'd love to attempt a quick flip, but in another market where prices are more affordable. I've been starting to look into the Tampa Bay area but was wondering if anyone could give me some advice on how to accurately estimate construction costs and ARV in a new market, as well as on how to make sure you get a fair price on labor. Thanks and any input is appreciated!