SFH Rental Property Search Tool

[Mike Mazzucco]

Hi Guys!

New member here! I started listening to the podcasts last week!  I am a full time engineer by day, and Realtor/investor by night.

I wanted to get some input from the community on a real estate software/algorithm project I am currently working. When I started looking for my first SFH (buy & hold) property, I noticed that doing rental analysis & comps for each property was taking up a good amount of my time. Being an engineer, I decided to automate it!

I have developed a tool that analyzes every single SFH in my area on the market, and determines all my rental benchmarks like cash on cash return, cap rate, cash flow etc. I do this by pulling in rental data on MLS using near by properties with similar characteristics. My analysis also automatically factors in closing costs, mortgage payments, interest rates, etc in my analysis. It even pulls in HOA fee information and Tax information and factors those in as well! It also allows for me to enter % vacancy, cap ex, repair costs, insurance, etc to my liking!

A quick caveat. Being that its an automated piece of software, it can only evaluate the home from a purely statistical average. Therefore, it takes some sort of human oversight to vet properties that have things like: new AC, new roof, recently remodeled, etc.  However, since I can analyze every property in the market, and rank them by their returns, it puts properties on my radar that I would have normally overlooked.  

This tool has been a real game changer for me.  From what I understand, large investment groups have tools like this.  From what I am told, they have it automated all the way to the point where they can even fire off automated offers!  However, I have found no one who currently has a tool like this, accessible to probably %99 of the investors on hear.

My question for the community...  Have you heard of a tool like this before?  Has it been accessible to you?

-Mike