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Updated about 10 years ago, 12/01/2014

User Stats

116
Posts
21
Votes
Jordan Sizelove
  • Realtor
  • Oakley, CA
21
Votes |
116
Posts

Possible first flip? Need help

Jordan Sizelove
  • Realtor
  • Oakley, CA
Posted

Found a REO that's been listed for 150 days. Needs a lot of renovations. It's a 4b/2b, 1,497sf, built in 1973, has a 2 car garage. List price is $275k. Found 3 very similar comps. First one sold for $319k on Sep 5, 3b/2b, 1,550sf, built in 1977, has 2 car garage. Second comp sold for $325k on Aug 19, 3b/2b, 1,351sf, built in 1972, has 2 car garage. Third comp sold for $340k on Sep 15, 3b/2b, 1,550sf, built in 1978, has 2 car garage. All 3 comps are within 1 mile of subject property.

Not sure what to do next. I don't know how to make adjustments to the comps to determine ARV range/list price. Should I contact the agent and have them pull the comps (would rather learn how to do it so I can do it on my own)?

Possible next steps? Feedback and suggestions?

P.s. Happy Thanksgiving to all BP'ers!

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