Investing Out Of Your Market

[Richard Adjou]

I just received a message from another investor looking to sell a property in the NJ market and just out of curiosity, I wanted to get the opinion of some folks who analyze deals outside of their market. I have no plans to invest outside of my market just yet but I want to refer that lead out to someone I know out there. Trouble is, I don't want to send something that has been recycled and/or may not even be worth their time. And judging from some pics of the property, there would need to be some some updating repairs done at the very least. 

So here's what I did and I would love some feedback or tips for improvement:

I did a quick Google and Property search to see what I'd come up with and get an idea of the market. 

• Zillow has the property listed as pre-foreclosure
• Zestimate is roughly $43.6K
• Tax assessment of the property is $47.4K. 
• Recent sold property along the same street are $17K, $18K and $20K
• Price history show the property being listed 3 times this year around $16K and $17.8K and not being sold 

Based off of all these findings, I figured either it wasn't really a good deal or wasn't being priced right to wholesale. 

Thoughts? Advice?

Thanks!