1st Deal Need Help With Comps (RedFin.com)

[Rick Rozela]

Hello, My name is Rick and I have always wanted to be a real estate investor and this year I decided to take MASSIVE ACTION and go for it. I had set my Q1 2017 goal to purchase my first ever rental property. I found a property and submitted the offer and it was accepted. 

Purchase Price $27,500

With Seller 2nd of $5,500 (20%) down payment

Purchase price of $22,000 (CASH TO SELLER)

Seller will forgive/Cancel the seller 2nd @ closing

instant 20% equity in the property

The seller nor I have an agent. I am trying to find good comp sales. Zillow shows property value @ +$50k (I think is redicoulsy high) & this morning I came accross RedFin.com and it has the value @ $37,958 which I think is more accurate.

My question is has anyone used RedFin.com for comps and has it been accurate in doing so?

Thanks in advance!   

[Richard Ball]

Since you don't have access to the MLS you need to use everything available to you. Zillow and Redfin has a sold home option where you can just see homes sold. Find as many homes as you can that match the square footage, bedrooms, baths and if possible style and year built within the same neighborhood. These sold homes will give you an idea of how much the house is worth.