I lent $225,000 of which $185,000 was for the purchase of the property and $40,000 is going toward renovations.As a lender I just want to get back my loan amount back (in this instance $225,000) if there is a total loss with the property.I have seen where a lender tells the insurance agent how much property insurance he/she wants based on a price per square foot calculation.On the other hand I have also seen where a lender tells the insurance agent that the amount of property insurance should be the loan amount in this instance $225,000.

GO TO REDFIN,  SEARCH YOUR FAVORITE ZIP CODELOOK UP WHATEVER PROPERTY TYPE YOU WANT AND GO TO "SOLD" PROPERTIES WITHIN THE PAST 3 MONTHS ONLY OR EARLIER GO DOWN THE PAGE AND CLICK "DOWNLOAD ALL"IT WILL THEN PROMPT YOU TO OPEN AN EXCEL DOC- OPEN IT-FROM THERE FILTER THE PROPERTY PRICE LARGEST TO SMALLESTFIND THE AVERAGE PRICE BY HIGHLIGHTING THE ENTIRE "LIST PRICE" COLUMN OF THE SOLD PROPERTY SPREADSHEETAFTER CLICKING THE "AVERAGE" FUNCTION, YOU WILL BE GIVEN A DOLLAR AMOUNT- (BOLD THAT FIGURE) THEN GO TO THE SQUARE FEET COLUMN  AND DO THE SAME- FIND THE AVERAGE SQUARE FOOTAGE - THEN CLICK "AVERAGE" HIGHLIGHT THAT FIGURE TOODIVIDE THE AVERAGE DOLLAR AMOUNT OF ALL THE PROPERTIES SOLD WITHIN MAX 3 MONTHS FROM THE AVERAGE FIGURED SQUARE FOOTAGE TO GET YOUR MEDIAN PRICE PER SQUARE FOOTYOU WILL USE THIS FIGURE TO DETERMINE IF A PROPERTY WITHIN YOUR PREFERRED AREA CODE IS DEEPLY DISCOUNTEDTHEN, YOU WILL GO BACK TO REDFIN AND CHANGE THE SOLD TO ACTIVE AND DO ALL THE FILTERS PER YOUR PREFERENCE- "PUT IN KEYWORD AREA- "TLC" "CASH PURCHASE" , "NO FHA" AND "UNINSURED" AS WELL AS HAD A PRICE REDUCTION - EITHER MUTLTIPLE OR AT SOME POINT WHILE IT WAS LISTED HAS A REDUCTION (THIS USUALLY MEANS SELLER HAD HIS LISTING AGENT REDUCE PRICE BECAUSE HE WANTS TO SELL QUICKLY- ) SO IF A PROPERTY YOU FIND (AND THERE ARE A LOT) HAVE HAD 3 REDUCTIONS IN PRICE AND HAS BEEN LISTED FOR AWHILE...

When you see something bigger, or smaller you just know you need to adjust for those factors… more bedrooms, more square footage will rent for a little more.  

Hey Bigger Pockets Family, I recently moved to Denver, CO from Tacoma, WA where my business partner and I used to fix & flip properties.

Maybe they added the extra square footage without permits? 

The basement in total is 650 square feet.

Hello Everyone,I’m thrilled to share an exciting project currently under development in Washington, which boasts significant rental income potential.

A record 65% of new single-family detached homes sold in 2023 were built on lots under 9,000 square feet, per the latest Survey of Construction (SOC).

Knowing the price per square foot in a zip code helps and knowing when you can spot "value" is very important.

It needs to properly sized for the square foot and the sun load and the amount of insulation in the unit.