Has anyone used FlipComp?

[Account Closed]

FlipComp is a service that supposedly helps find the 'best' deals around. I was wondering if anyone uses it. It has limited to certain areas but if it works I am interested in it. Thanks!

[Jeremy Hale]

My very, very brief experience with it so far (tooling around for a little bit) is that it's junk. I sent in a help email to see if I was doing anything wrong, but here are the two problems I'm seeing:

1) The comps are... what? All it does is pull houses that have sold around this house. It's totally skewed by any McMansion that might happen to be a mile away. Perfect example - Found a house selling for ~70k, realistic comps from what I've seen around it are ~90k. It's a 3/2 house. Flipcomp finds a 'comp' around it for like $599,000, and then tells me the ARV for this house is $599,000. It completely ignores the fact that the 599 house is 3x its size with many more bedrooms and bathrooms. Just a really lazy approach to finding comps, it doesn't even try to narrow it down past distance.

2) The deals finder almost makes me laugh. Here's the gist of it:

House is listed for $599,900

Flipcomp suggested purchase price: $199,900

Profit: $400,000 - expenses

Wow, what a deal, thanks flipcomp! If only I knew I could throw in random offers for hundreds of thousands less. I never knew real estate was so easy!

My problem with this site, so far, is that it's just one gigantic assumption on top of another. Of course it has disclaimers all over to use your due diligence to verify their accuracy, but c'mon.. shows a house in perfect condition, suggests you offer $200,000 less and put in $100,000 in renovations to make a profit. There's nothing wrong with the house, I don't understand why the site is suggesting it needs that rehab with that purchase price. 

Suffice to say, I haven't found a single deal yet. I'm just sifting through endless listings of perfectly fine houses that are in no way a deal.