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Updated 3 days ago, 12/11/2024
What is the best way to estimate rent and CapEX's for out of state investing
I'm a college student, and I plan to start investing in multifamily homes once I graduate, and I recently started looking at deals on Zillow just so i can practice underwriting. But I hit a wall.
First: Trying to find out what similar properties in the area (10 m radius) rent for, I used rentcast and rentometer for this, but they gave me two very different results. So I'm asking, What is the best way to utilize the results they both gave me and narrow it down? Just so i can do the preliminary analysis on the property
Second: I'm finding it difficult to get a clear price estimate of the CapEx's that might be needed. So what I'm asking is if there's a better way to estimate CapEx on a property during preliminary analysis, i.e., without having to go to the state where it's located and asking around, i say this because there has to be a good way to estimate these things before going deep into the deal
Any insights on this guys?