What are best tools/ analytic resources for analyzing deals?

Question

I'm looking for OOS properties. Some areas I don't know much about.

What are some suggested tools. I've used City-Data forums also I use crime maps sometimes but i feel that it's not very accurate in depicting things

Is there a aggregated site that pulls census data/ real estate sales etc and has a lot of analytics for searching markets?

I was wondering about heat maps that show good and bad neighborhoods as well?  There's some things like Neighborhoodscout but you have to pay and i've never actually used

Aj Parikh · Answer

The best way to figure out a market is to get on a phone call with local investors in the area or contact property managers. They will most likely tell you which areas to be in and which areas to avoid. I specifically look at Cleveland and I use this neighborhood blog that James Wise put together and its very resourceful. You should be able to find similar blogs by investors on these forums depending on the city you want to invest in.The Ultimate Guide to Grading Cleveland Neighborhoods

Nicholas L. · Answer

@Susan O. my opinion is that, if you are going to invest out of state, you really need to get to know the target market in a way that you can't just Google. This could mean visiting, seeing properties, networking, building your Core 4, etc.

Or you can check out previous threads on BP about which specific markets and sub-markets OOS investors buy in.

Account Closed · Answer

@Susan O., connect with me. I will get my team to send you what you need.

James Wise · Answer

Here are a couple more for some other popular turnkey markets.- The Ultimate Guide to Grading Kansas City Missouri Neighborhoods

- The Ultimate Guide to Grading Birmingham Alabama Neighborhoods

Milton Chamberlain · Answer

Comps don’t lie. So I always go off of ‘SOLD’ comps and rental comps. People will overlook a lot for location. So although things like school ratings, crime rates, sex offender registry’s, etc would often time impact where someone will buy/rent property, sometimes people will overlook those things bc of other factors they consider more important (generally location).

I pull sold data through a variety of software to analyze accurate ARV or for estimating appraisals. my method for determining rent comps is pretty basic. I simply Call up active rental listings in the area and ask what the rent is for a comparable property, or look at rental websites for Similar properties close to the subject property.

Susan O. · Answer

I tried co-star and found it too expensive.  It's like $700 a month just to get a couple markets.  To get more markets it could be thousands and not sure if I would use it all

Gloria N Gear · Answer

I agree that the core 4 is the most important.  Find a local realtor that specialized in investments in the area you are targeting.  I set up searches from the local board of realtors for new investors that are researching so that they can analyze what is going on in the areas themselves.  And we will do the analysis for them as well.  It is much more accurate and FREE.  Obviously, we want you to buy with us eventually so we get commission, but those of us that are truly working with investors know that it takes months of research to hone in on what works for you.

Account Closed · Answer

Co-Star for CRE.

Susan O. · Answer

I think your spot on.  Start wiht analyisis software or stats to look at lots of comps then you can call them to verify. Where do you get most of your data for these comps? I used to use Costar but it was so expensive ($1250/mo for national) ouch!!

Alex Olson · Answer

There is great documentation on the Kansas City Market. There are articles here on Bigger Pockets that I put together as well as you tube channels. We are considered a good 1031 exchange market. https://www.biggerpockets.com/blog/why-you-may-want-to-choose-kansas-city-for-your-1031-exchange#:~:text=Investors%20use%20this%20strategy%20to,defer%20all%20capital%20gains%20taxes.

What are best tools/ analytic resources for analyzing deals?

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