Real Estate Marketing & Beyond
Flipping houses is big business. With a bit of knack, a lot of hard work, and the right location, even amateurs can turn a profit. The best fix and flip locations must satisfy several important benchmarks. The information below discusses these criteria and highlights several of the best fix and flip locations of 2017.
Qualifying the Best Fix and Flip Locations:
Location, location, location. There’s more to flipping houses than buying the closest derelict property, rehabbing the kitchen, then sticking a for-sale sign in the yard. Target locations with healthy economies. Steady population growth, new shopping centers, and large housing developments all indicate a strong local economy.
Quality of life factors to consider include the education system, crime rates, salary numbers, unemployment numbers, and the cost of living. Additionally, material costs heavily influence the best fix and flip locations. Depending on the area of the country, granite countertops, sheetrock, and other building supplies can vary greatly. Also, contractor and labor costs factor into the equation.
Taking into account all of these considerations, and more, the following list showcases the best fix and flip locations around the U.S. — in no particular order.
The Best Fix and Flip Locations:
New Orleans, LA
• Flippers report a 99.2% ROI
• Flips account for 6.1% of home sales
• Over 900 Realtors listed on Realtor.com
• High crime rate
• Low education grade
• Low rehab cost
• Above normal poverty rate
• Some area home sales reported a 32-percent increase from previous years
• Average reported profit of $74,700
• Ranked 8th out of 150 on WalleHub’s “Best Cities to Flip Houses”
Pittsburgh, PA
• Flippers report a 129.5% ROI
• Flips account for 3.2% of home sales
• Over 1,800 Realtors listed on Realtor.com
• High crime rate
• Low poverty rate
• Low rehab cost
• Average reported profit of $71,250
• Considered the best fix and flip city by 24/7 Wall St
Sioux Falls, SD
• Considered the top fix and flip city by WalletHub.com
• Quick sale turnaround
• Low crime rate
• Low poverty rate
• Very low rehab costs
• Strong housing market
Knoxville, TN
• Flippers report an 81.2% ROI
• Flips account for 5.6% of home sales
• Over 900 Realtors listed on Realtor.com
• High crime rate
• Low rehab cost
• Average reported profit of $56,850
• Home prices increased 13 percent over the last year
• Above average job growth
• Considered one of the best fix and flip cities by many experts
Tampa, FL
• Median home price is $240,000
• Flips account for 3.6% of sales
• Investors report a 57.2% ROI
• Home prices have climbed year after year
• Over 3,500 Realtors listed on Realtor.com
• Low crime rate
• Low material cost
• Below average unemployment rate
• Average reported profit of $50,500
• Home sales and the median sales price continues to steadily increase
• Millennials accounted for 65% of home purchases between 2013 and 2014
While real estate investing can render great profits, remember it's an art to fixing and flipping houses for profit. Make sure you do your due diligence before making the decision.
