Isn't there a professional service I can hire that will provide me with the data I so desperately seek? I'm willing to pay top dollar to obtain a range/data. If anyone knows of such a service, please share it with me. Thanks again.

Thank you for answering my question. I do, however, respectfully disagree. In most areas, it is very easy to determine a reasonable range for ARV. Newark, however, is clearly not one of those areas.

Yes, I have “comped” the property using a half dozen different methods. My range remains too wide to inspire confidence. Nevertheless, I would, in fact, make money in a worst case situation. That, in my humble opinion, does not make it a good deal because of opportunity cost.

I imagine a realtor who is intimately familiar with the area should be able to provide me with a reasonable range merely based upon his or her own experience, not to mention any software they may have access to. The problem is that I wouldn’t help but be able to wonder if the realtor is merely attempting to sell me a house.

Thanks again for your time.

John
I agree with Gina that in current market its hard to flip a house and make money! Too much competition and not as many loans. I would suggest buying a house since you can get a great deal in this market and rent it. Once market starts to turn (the forecast is the second half of this year), then you can remodel and sell. You will end up having the best of both worlds! Buy low sell hi, right?

Vera Brodsky
Remax Eastside Brokers
Bellevue WA
206 412 7792

John, unless someone has a magic ball that I don't know about - pinpointing accurate rehab values is tough and considering the town you are referring to - it may be even tougher. Assuming you have comped the house (as if rehabbed) against the market value of the homes similar and you are still not confident means most likely it's not a good deal. Now depending on the location, the costs to rehab and how much time it'll take to get it back on the market - if the numbers don't work to flip it - I'd stay away.

I know people and worked with buyers and sellers who had flipped houses during really good markets and have made money doing so but it's all based on the numbers and the location of the house.

Good luck.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-239-7700 ext 132
973-715-1158 cell
GinaChirico@PruNewJersey.com