With house flippers earning an average gross profit of $60,000 in Q1 2019, a personal-finance website recently released its report on 2019’s Best Places to Flip Houses.
Are you someone who watches reality shows centered on flipping houses and think you could do it? Well, if you’re feeling inclined to test your entrepreneurial skills and want to flip a house or two, you should keep reading.
To help serious real-estate investors find the best markets to list their flipped properties, WalletHub compared more than 170 U.S. cities across 29 key metrics. The data set ranges from median purchase price to average full home remodeling costs to housing-market health index, according to a WalletHub news release.
The site lists the best and the worst cities below to flip houses. Before making the decision to flip a house, obviously you need a few skills right? A good place to start exploring flipping a house is to learn where the best and worst places are before jumping in blindly.
Here is the list from WalletHub to make it a little easier for you as you contemplate if you want to flip a house.
|Best Cities to Flip Houses||Worst Cities to Flip Houses|
|1||Sioux Falls, SD||163||Los Angeles, CA|
|2||Missoula, MT||164||New York, NY|
|3||Rapid City, SD||165||New Haven, CT|
|4||Billings, MT||166||Boston, MA|
|5||Peoria, AZ||167||Wilmington, DE|
|6||Tampa, FL||168||San Francisco, CA|
|7||Fort Smith, AR||169||Oakland, CA|
|8||Greensboro, NC||170||Newark, NJ|
|9||Las Cruces, NM||171||Yonkers, NY|
|10||Boise, ID||172||Bridgeport, CT|
Best vs. Worst
- Pittsburgh has the highest average gross return on investment, 144.16 percent, which is 8.5 times higher than in Austin, Texas, the city with the lowest at 16.96 percent.
- Montgomery, Alabama has the lowest median purchase price, $50,000, which is 17.3 times lower than in San Jose, California, the city with the highest at $867,000.
- Memphis, Tennessee, has the highest share of home flips, 11.66 percent, which is 6.9 times higher than in Albuquerque, New Mexico, the city with the lowest at 1.70 percent.
- Charleston, South Carolina, has the most real-estate agents (per 100,000 residents), 282, which is 31.3 times more than in Modesto, California, the city with the fewest at 9.
Little Rock, Arkansas, has the lowest average full home remodeling costs, $75,888, which is five times lower than in Atlanta, the city with the highest at $375,734.
On an end note, be sure you do your homework before trying to flip a house with little or no experience as you might find yourself in deep waters. Additionally, if you want to learn more you can view the full report and your city’s rank, by clicking here to read the WalletHub report.