As an experienced investor, I almost never get "comps" because my opinion of value is more accurate than that of any realtor or appraiser.

So unless a revaluation was done in the past year, recent 1-6 month sales would be a more accurate way to estimate a good value.

buying re, and basing all your profit (and success) on the possibility of it appreciating sounds more like gambling then investing.

Then, they are going to agree on an option price that's above market *and* doesn't mind putting down a 5K non-refundable deposit to take the gamble that he's going to be able to fix any problems that wouldn't allow him to buy that house outright in the first place.

fizzlemahoe....you need to make sure the market values you are getting are accurate....you say "He said the estimated value is $700k"...are you referring to the seller?

If you are gambling on the property appreciating then you are just gambling.

Vic3001,I am not familiar with this product, but most cash flow analyzers will not give you an accurate analysis because they don't include all the expenses that you incur.

but guaranteed appreciation isn't likely, so you're really kind of gambling...

For that reason you can get a decent idea from Zillow but you'll never get a truly accurate value.

Now, if there is some concerted efforts by foreigners to buy up Detroit, that is interesting, but a huge gamble IMO.