This is my first time trying to learn how to comp correctly. I was searching through Redfin and came across this address 16 E Olympia Ct, Chula Vista, CA 91911 (3-2 1348 square feet in listing but public facts say it is 1072) says first time on the market for $595K (posted 8 days ago) although it also shows sales history in 2001 so there are many discrepancies with this listing but says motivated seller and has not been renovated.
Comp 1- 53 E Paisley St, Chula Vista, CA 91911 a few streets over. Much larger house sold for $696K 1 month ago.
I found a similar address 14 E Oneida Ct, Chula Vista, CA 91911 that sold for $800K the next block over which sold 4 months ago although there are no pictures of the sold house. 2 car garage instead of 1.
Another similar comp on 25 Plymouth Ct, Chula Vista, CA 91911 which sold for $700K 2 months ago although it is across a major st so that may effect the comparability. Also has a 2 car garage instead of 1.
Should I use the lower estimate of $696K ARV or lower it some more? Maybe use $650K?
If I use the Bigger Pockets calculator attached and plug in $45 per square foot Reno ($65K) and $30K profit I get an offer price of $494K max.
As I am trying to learn, am I going down the right path of comping? This one didn't seem to have very many good comps recently. I don't have any funding yet and am planning to apply for hard money lending this week to keep the ball rolling on this journey. Also since I am a GC I am pretty sure my team can do the Reno for less than $65K but trying to stay conservative. Any feedback highly appreciated.
