Online ARV calculators?

Question

Hi! In the past I have used a subscription based online tool which pulls from recent MLS sales and rentals to help evaluate a deal. Does anyone know of any nationwide online apps that do this? Or of any specific to DFW in Texas?

Thanks!

Bill Gulley · Answer

I realize that you young'ns truley believe that all the answers are in a computer system, app or online, but that simply is not only not true but a mistake going there. As mentioned there are errors, are you ging to bet your money that you didn't buy a property based on some error?

If you want to spend 500bucks and 75 a month as you might for video games, that's your business, but I ca assure you that there is no program on the face of the planet that can evaluate any deal as accurately as well as an investor who is familiar with valuations and the market.

Think I'm wrong? Tell you what, go to the Springfield, MO. MLS, select any residential property listed, run your programs and apps and techno stuff and post the expected sale price. I'll investigate it and be done in probably less time than you and I'll post my number. When it sells we will see who is closer. I can tell you, I'll be within less than three percent, every time.

I use to like playing with my calculator with what ifs, interesting, fun and you begine to memorize variables. I can see that with these programs, they might be fun.

Until we have intelligent systems that can evaluate perceptions, opinions and preferrences no system can compete. I just suggest you don't bet your money on them and while you can play with them, don't count on them. The most reliable way to get six blocks down the street is to walk, until we can fly. :)

Tom Lafferty · Answer

Bill Gulley, wow, sounds like we struck a nerve or something?  I absolutely agree with you that experience is the ideal method of valuation.  I can't imagine, however, not using every tool available to you in addition to it.  As a beginner, do you suggest throwing these tools out the window and just guessing since we don't have experience?  I don't know if I qualify as a "young'n" or not, but I certainly don't believe the answers are solely based on computer programs.  Plus, I don't spend money on video games....

and why did my profile image suddenly turn on its side?  It was okay earlier??

Will Barnard · Answer

While I agree with Bill that there is no real true substitute for a knowledgable re investor, a well written program with proper info plugged in can certainly be beneficial to the investor, but nothing is the silver bullet.
I have a program for my area and it is quite accurate when used by an investor with market knowledge.
That said, this topic was not created to discuss the validity of said systems, rather, which were available for the TX market. I don t have an answer for that.

Chris Feltus · Answer

Dan Shoemaker There is a local company here in DFW that provides a MLS service that queries directly from NTREIS (primary MLS here in DFW). The product is called Property Analyzer Pro. I used this service prior to becoming a licensed agent and it is fairly accurate. However, I occasionally encountered errors during usage such as properties not showing up that I knew that had recently sold or slight variance of the final sales price of a home.

Alternatively, Metrotex board of realtors provides associate level access to the MLS for a quarterly fee here in DFW. However, it is not full agent level access and does have some limitations.

Please note the tools mentioned in this post are specific to DFW. I do not have any recommendations for a nationwide product.

Savannah Leigh · Answer

proptrends comes close. it uses the idx data that backs up mls

also proptrends gives trending, cash buyer lists, tenant/buyer income averages and trends and a bunch more stuff

700 or so for software and 300/mo

Brandon Harris · Answer

if anyone is interested I have developed a quick little app to quickly calculate ARV. just search "ARV Calculator" in Google play store!

I really wrote it for me. but decided to share with others

Ben Weinbaum · Answer

@Will Barnard what system do you use? Is it good for local as in Los Angeles, or local as in California?

Thanks

Benjamin Cowles · Answer

Yes, so far I've found it contains more comps than trulia and zillow. I usually check all.

Tom Lafferty · Answer

Got it; makes sense!  And great, I look old....

Bill Gulley · Answer

Tom Lafferty, LOL, no,no nerve hit at all and Tom, seeing you in your avatar, you may not be a young'n. :)

I just hate seeing people spend thier money for stuff thinking it's essential to thier business when it doesn't work well or is inaccurate and where, with a little more effort, they can learn techniques that are the accepted and proven methods of doing things.

There is nothing difficult about RE at the level of investing discussed here on BP. While we sometimes touch on economic and finance areas that are beyond the highschool level, it's not really necessary to go there to make money in RE.

Will really hit on it too, saying he has a program that is accurate WHEN the user has market knowledge. I agree, there are areas of number crunching that are easier with computers but garbage in garbage out.

I'm no techie, I don't even know how to use the function keys on this machine, but what I do know is that a computer computes, it doesn't  think, not yet.

As to getting experience, anyone with average intelligence can read appraisal methods and go to open houses, study the MLS then ask specific questions and do just as well as I can in about two months of spare time or, guessing, about 60 hours of studying. This is off topic, sorry, but it relates. :)

Online ARV calculators?

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