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How do I know what a property is worth? (Starter)

Detailed tutorial on how to comp deals on a Starter Subscription

Updated over 3 weeks ago

Step 1 - Open Menu and Go to Data Platform Map πŸ—ΊοΈ


Step 2 - Search Your Property in the Search Bar πŸ”

Use the search bar at the top of your screen to search by address, GPS coordinates, owner name, or parcel number.
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In this example, we searched using the parcel number.


Step 3 - Open Data Layers and Turn on MLS Comps 🏷️

Click Data Layers at the bottom right of your screen. When the layers appear, turn on MLS Comps.
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Example: The property we are analyzing is 27 acres. To find enough comparable properties, we looked at 19–32 acre comps sold within the last 2 years.


Step 4 - Start Analyzing Your Comps πŸ“Š

Zoom out from your property to view surrounding listings.

Listings are color-coded and display acreage and price per acre (ppa):

  • Blue β†’ Currently listed for sale

  • Pink β†’ Under contract

  • Green β†’ Sold


Step 5 - Open Comps and View Listings πŸ“„

Click any comp to view more details and open the full listing with View Parcel.

Viewing listings is important because you can examine:

  • Property images

  • Listing descriptions

  • Sold timelines

By reading descriptions and looking at images, you can determine whether a listing is truly comparable to the property you’re evaluating.


Step 6 - Decide on Property Value πŸ’°

In this example:

  • Under contract: 2 properties at $7.03k ppa and $8.45k ppa

  • Sold comps: 3 properties ranging from $7.85k ppa to $8.87k ppa

Active listings are higher than under contract and sold listings. Therefore, we can estimate the market value using the under contract and sold comps.

Calculation:

  • 27-acre property valued at ~$7,800 ppa

  • Total estimated value = $210,600

To maintain profitability, we decide on an acquisition price. In this example, we chose 60% of the estimated value, which is $126,360.

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