Today we are going to be discussing an awesome, free online tool you can use to identify the best cash flow vs. sales price in our market. This is a really cool tool from Trulia, and it’s something you can access from anywhere.
So, Google “Trulia heat maps,” then click on your town’s map. Once you’re on the page, you’ll see there are a few different filters you can use to get different data points, as well as a table for you to refer to additional information.
Here’s why we like this tool so much. You can filter by rental price, which will give you the median rent in a specific area. If you’re looking to buy a rental property and trying to determine where you’ll get the most bang for your buck, this is a great tool. In addition to searching based on rental price, you can also search by price per square foot, and you’ll get the median price in each area. By looking at these numbers together, you’ll be able to get a top-level idea of where you can get the most bang for your buck.
This tool does a great job at identifying potential areas you should consider buying in, but it’s not an absolute answer. There are a ton of more specifics that pertain to buying a property that need to be taken into consideration. We highly recommend you talk to a professional about these specifics, because they have a lot more knowledge about the market than an online evaluation tool. Sometimes prices are lower in one area because the homes are old and need work, sometimes they are lower because HOA fees are higher.
If you have any questions for us at all, feel free to give us a call or send us an email. We would love to speak with you!