What you need to do is get comp's for a property your interested in, then go around and drive and look at every property. Try to get your real estate agent to spend a day with you doing nothing but looking at properties for sale.
Make sure you note the address, exterior condition, first impression, bedrooms and baths, HVAC or swamp cooler with heater, type of construction, finishes, type of cabinetry, type of appliances, type of counter top, formal living and dining, garage and garage size, garage door opener, type of flooring, hardwood, tile, carpet, type of tub backer, tile, vynal, insert, age of hot water heater, light fixtures, fans, GFCI baths and kitchen, bronze, chrome or nickel finish door knobs, hinges, door stops, faucets and bath trim and light fixtures, sprinkler system, desert landscape, fenced, RV parking, tree’s, pool, age of pool, age of pool equipment, flush doors or 6 panel doors, custom paint job or standard all white paint, size of lot, in an HOA, not in HOA.
These are all questions you want to ask your self and more, you have to be the one as it is your money and you have to be the one to discern if $100k here, looks like $100k there???
The rule of thumb is your buying based on the comp’s and your reselling based on improvements and comp’s, depending on how much improving you do, depends on how much additional revenue can be generated by improvements. Watch HGTV, when they talk about improvement and what the improvement add’s to the value.
Generally speaking when I do a full remodel fix and flip and let’s say the comp’s say the property is worth $90k, I may be able to get close to $100k or about 10% more because the property has been completely gone through and is in very good condition.
Just remember your buying for $90k minus 30% average, minus repair cost, minus some closing and carrying cost’s. But you use the comp’s, then if you happen to get a little more or end up with a bidding war, you get the bonus.
IDHOMEBUYER send me a PM and maybe we can meet for lunch this week, I will spend some time with you and answer some questions. Maybe I will take you over and show you one of my rehabs?