Run comps for a house/ ARV

[Anup Jung Karki]

Good Afternoon,

I have a two story 3bed 2bath 1962 built house under contract for 295k in Irving, Tx. The house needs significant work i.e.

Foundation is off by 5 inches,

Replace whole plumbling & redo bathrooms,

Leak on roof,

Put a new HVAC,

Turn a room into a bedroom.

My question that's a lot of capex so, the price of the house is below market value and we are buying as is, however after we did inspection it's a lot of big ticket items that's required to be fixed and need to put alot of significant work and money. How do I know ARV & run comps myself? Do realtor give estimate off certain website?

Note: Foundation company quoted me 33k to fix the issue.

Thank you. Looking for suggestions!!

[John Chong]

Your realtor should be able to pulling sold comps from the MLS. TX is a non disclosure state so that information won't not be available unless you have access.

When you're running your ARV comps, check to make sure its a similar type of home, same neighborhood, year built, finishes, and etc.

That should help you make a decision on whether or not this is a good deal for you.