how to comp properties and land | Wholesale Real Estate
In this informal, profanity‑laden tutorial, Jesus Gabriel Mendez walks viewers through a live screen‑share where he uses the PropStream platform to evaluate a series of wholesale real‑estate opportunities. He begins by pulling up an address in Hammond, Indiana, and demonstrates how to search MLS and off‑market data, identify comparable sales, and extract key metrics such as sale price, square footage, lot size, year built, and ownership type. For each property he estimates an After‑Repair Value (ARV), calculates rehab costs, closing and holding expenses, and then derives a Maximum Allowable Offer (MAO) using a 0.77 multiplier and other adjustments. He repeats this process for several additional properties across Indiana, Wisconsin, Texas, and the Kansas City area, highlighting how market nuances, property condition, seller motivation, and local inventory affect the numbers. Mendez also shows a brief land‑deal evaluation, discussing how to price vacant parcels and when to discount heavily. Throughout, he emphasizes the importance of verifying condition, understanding motivation, and adjusting offers based on market dynamics. The video serves as a step‑by‑step, real‑world example of how wholesale investors can run comps, set offers, and think critically about each deal.
Chapters
Good morning. We will be running numbers on all these properties. Hopefully you learn something. Let's get right into it, man. Damn, my fucking head looks flat. Just trying to grow this goddamn hair out so I don't look like a goddamn, uh, motherfucker. Uh, goddamn. Uh, okay, so we're gonna be doing all of these right here. I asked my group, I said, hey, send me some addresses, let's run a comp video. And they send all these properties in. You can go ahead and take a screenshot of this, pause the video, and then run them yourself, and then kind of compare and contrast with my numbers and see where we're at. Let's get right into it. We'll be using PropStream today to figure this out. So let's look in. Let's look at this one. 3140 Crane Place, Hammond, Indiana. $463,230, 2 bed, 1 bath, 690 square feet. 5 bed,— not 5-bed, 5,200 square feet. Year built 1943. It's owned by a trust. Let's go MLS first, try to see. Nothing in the past month. Let's go past 2 months. Let's go past 6 months. Nothing on MLS is kind of crazy. Let's just look at both. We got Gibson Place, which sold for $143,000. That's kind of a tragic-ass little location with all the commercial buildings. Is there really nothing else? Let's go single-family residential. How many bedrooms is this? That's 2-bedroom, 2-bed, 1-bath, year built. We'll just keep that open. Nothing on MLS. Let's go just a little bit earlier, 02/24. Nothing. Hmm. Okay, there we go. Let's go on both. When nothing pops up for MLS, just look at both. So we know this one sold for $143,000, this Gibson Place. This one has no Price, $291,600. Okay, so this was sold for $69,000. I can imagine this one sold as, as-is condition to an investor for $69,000. So we know we can sell this property to an investor for at least $70,000. Let's look at this. This one sold for $193,000. I imagine this one is renovated. And then let's look at these. 2-bed, 1-bath, cool. $690,000, $693,000. They're all in the same range. Lot size, they're all in the same range. Year built, all in the same range. Cool. I mean, it's pretty common sense from here on out. $193,000 is your ARV. Sale price is $70,000. And this one probably sold for cheaper because it's fucking right here, or it's just not as good a condition as this one. So let's just look at the condition on this one. Am I looking at the right one? Says it sold for $193,000. This is the wrong property then. Did I put the wrong address? 31— ah, because I fucking added the 1. Tragic. Now let's look at this. Not bad. Let's look at the interior. Pretty. Okay, rehab. It's like a landlord spec. Um, yeah, $193,000. Um, if that's going to be our ARV, the property is 700 square feet. Let's just say it's a complete rehab. Let's pull up the calculator. So let's say— what is it again? $193,000, our ARV. $193,000, boom boom boom, times $1,370 minus, let's just say, complete rehab. How big is it? 700 square feet. But that's not big at all. I'm gonna just say $40 grand. Like, let's just say they want to go over the top. Boom, boom, boom. Equals $95,000. Let's say we want to make— yeah, that kind of just puts up at those numbers. Well, we got to take away closing costs. This let's just do $10K for closing costs, and then let's just add another $5K for holding costs. And then we take away our profit. Let's say you want to make $25K on this one. We're at $55,100 MAO. Not bad. So $55,100 depending on the condition. So ARV for this one would be $193,000. Honestly, I wouldn't want to shoot for the top of the market. Like, top of the market meaning as this one. I mean, depends where this other one. So our properties over here— oh, that bitch is right there. Yeah, we'll definitely shoot for that $193K. Yeah, so $193K RV. Comp price, contract price. I was like, fuck, mean when I said CP. Comp price would be 55. I'll just do 55.5. I probably wouldn't go higher than 60 on this one. And then investor sale price, I Am I looking at the right one? Says it's sold for 193. This is the wrong property then. Did I put the wrong address? Three one. Ah. Because I added the one. Tragic. Now let's look at this. Not bad. Let's look at the interior. Pretty Schneider Ave. Is this one also— this was also in Indiana. We got MLS details. 10/17, it sold for $225,000. That shit just sold. What's the condition of this? Nice little brick house, not too bad. Let's look at the description. Motivated seller, 31. I don't know why this guy sent me this address, but low taxes, known if it currently works, consistent minutes from restaurants, motivated seller. This is fucking hideous. Okay, so we'll just say it's like an 8 out of 10 condition, 7 out of 10 condition. It just sold for $225. Um, let's just say they were looking for an offer then. Let's go MLS. I want to look at 24 comps. Let's go 6 months back. Um, $164,000, $169,000. I imagine these are as-is condition for that price, but also this was 2-bed, 1-bath. Ours is a 3-1, so we're like right in these, but we have a bigger square footage. Our lot size is right in between. Year built, we're a little bit new— well, we're a lot newer than this one, just a little bit newer than this one. So overall, I think we could fetch obviously a higher price point because that's what it sold for. But if we're looking for an offer, second one, why this one sold for that much? It's built 1940. 42. This is nice. I mean, just better lighting than the other pictures. Um, as far as this one, 223, 164, 169. The only real comp— I mean, these are pretty far out too. Let me go both. What's this one right here? Number 1, sold for $265,000, 3.5 bathrooms, so half a bath or more, smaller square footage, smaller lot size, and just about the same year built. So you could definitely push to this value with the right— no way, again with this fucking 1. No way, it sold for more. Why? Those can't be updated pictures. Yeah, just sold for $250. What does it tell me over here? $265. Um, yeah, I mean, I'm guessing you could shoot for that price point. I would just put the ARV around 2— yeah, I'd probably shoot for that 260 number, honestly. Just keep it simple at 260 ARV. We take away, take away 77%. Then we'll go ahead and take away rehab, which it wouldn't be much. This is like an 8 out of 10 condition on this one. I'd probably just say for 1,600 square feet, maybe $15,000 to $20,000. Let's just do $15,000. Closing cost— why did I do that one? Let's just clear. Can I clear these two? Minus— let's just say $10,000 in closing costs. And then let's just take away it 20 grand fee. We're at $155,200 for an MAO offer, which is right around this, which is honestly a little high. I'd probably shoot a little bit lower. So your MAO was at $155,000. I'd probably shoot it around $130,000 just to kind of gauge their interest and see where they're at, especially of the condition. But this one would be more of an ovation, if anything. If this wasn't already sold recently. As far as this being sold recently and this person coming through my pipeline, I would just be like, what the fuck are you trying to do? Why would you be interested in selling? It would be more of a wholesale deal. So for this one, I'd probably— ARV is around $265,000. $265,000 comp price. Or contract price, I probably want to shoot it around $150,000 to $160,000. $150,000 to $175,000 sounds high. Yeah, $150,000 to $160,000. Investor sale price, probably around $170,000 to $180,000. I'm being honest, not too bad. Kind of a weird deal to throw my way though, I'm not gonna lie. Let's look at this one. Oshkosh, Wisconsin. There used to be a brand called Oshkosh. I wonder if they went bankrupt. Did they? Founded. Hmm. Children's clothing. I think I used to have a t-shirt from them. That's kind of weird, me looking at baby clothes, I'm not gonna lie. Okay, lock it. So let's look at this deal over here in Mr. Oshkosh. It'd be kind of cool to see you're from Oshkosh. Where you from? Don't worry about it. All right, so this is sold for $138,000. Is it on the market? Sold in 2018 for $138,000. And bought for $138,000. Tragic that it sold for the same price. Suburb, you know, location updated, backyard patio. No offers were presented to 5 PM. So they've owned it for a couple years now. These are the previous conditions of the listing. Yeah, I mean, this is pretty good. This is pretty good condition. I'd say this is also like an 8 out of 10. Just like updating the shit to to today's standards. Putting in some gray walls, that's literally what updating is these days. Um, the fuck? The fuck happened? Fucking clicked the wrong shit. Oh, there you go. I'm back. I'm back and better than ever. Okay, so let's go back to this one, brother. Let me fucking click the X. Okay. Cool, let's run a comp on this one. Nice, we got a couple of them. Uh, we got 3/2, got 3/2, property class residential, single family. We got a 3-bed, 2-bath, 1,700 square feet, 4,300 lot square foot lot size, 1962. Or is this a duplex actually? Where the fuck does it split? Is it a duplex that was converted into a single family? That's kind of weird. Where is the fucking split? This is one kitchen, right? This the other kitchen? No, it's the same damn kitchen. Might be zoned. Am I looking at two different kitchens? I think I am. No, I'm not. This is the same fucking kitchen. Uh, why is this— what does it say? It's a duplex. Is this another That's a fucking bar, that's not a kitchen. Yeah, the fuck you mean this is a duplex? And even if you look at the description, it says nothing about the duplex. Super niha location. The fuck? Baldwin Park hosts adorable ranch home. Yeah, it says nothing about it being a duplex. I'm not even going to comp it as a duplex unless something else— it's the only fucking duplex in this fucking place. Fuck that, I'm comping this as a fucking same thing. Alright, so we're gonna go MLS. Let's look at these numbers. 310, 283, 315. Imagine these are all renovated. I say the bed-bath count. Well, no, we're good. We're good on that. Let's look. Oh, these are fours. Okay, so this is a four 4, 2, 4, 2, 4, 2. These are the closest ones, I imagine. Let's take away max. Let's just do 3. Let's do 2. We got 200, 240. Yeah, we're pretty, we're pretty spot-on with these numbers. This one's kind of off, and that's the closest one. $920, 1976, '85. I'd say, yeah, around $220 ARV, depending on the condition, of course. Ours is in good condition, though, apparently, to those 2018 pictures. Let's look at this. This looks nice. Looks AI-generated. But yeah, um, for this one, I'd probably say our ARV is around $220,000. So ARV is $220,000. Contract price, if ARV is around $220,000, let's pull up the calculator. ARV is $220,000. Let's run it at 0.77 equals 169 minus rehab. It doesn't need fucking shit, especially because 1,600 square feet, we'll just do a $16,000 rehab. And then 15, let's say you want to make 10, and let's say we want to make— just want to throw in just an extra 10 as a buffer. Closing cost, $133,400. Yeah, we're right on there, $133,400. I'm sure you could sell this for like $240,000. Yeah, see, you'd probably be pushing for that $10K, but if you could shoot it lower, I'd probably shoot it lower. So contract price would probably be around $120,000 to $130,000. Investor sale price would probably be around 140. Yeah, so this would be like a $10K spread, but obviously depending on motivation you can always get more. So I'll just say this is another $20K spread also. And you guys can let me know how you guys run your numbers. I'm definitely not gonna care, but I mean, you let me know what you think you would offer on these. And there's a lot of factors that I am counting out. I'm just going on the pictures that I see, I'm going on the numbers that I see, but motivation is a big factor. Condition can be completely different. Um, people might want to close 6 months from now. 6 months from now, the numbers might be different, you know. What's another key factor. Tenants also, you know, there's a lot of things. And also these cities specifically, I'm not really paying too much attention to the how the market is going there because that'll also make a difference. You know, the same numbers that I run here in Dallas, Texas is not going to be the same numbers that I run in, I don't know, Oklahoma. So that's like a little bit of a It's a little bit of, uh, I don't know, outlook for you guys. Is this vacant land? Okay, so let's run a land deal. This one's sold in just— oh, it's active. Uh, if it's active for $9,500, I just offer half since that shit hasn't sold. And even offering half this stuff, I'd probably offer like $1,000, offer $1,000. But when you are running land, let's say this wasn't on market, I would do this. Why the fuck did it copy that? I want to go ahead and copy this instead, buddy. And I'd want to see what has been built. Hmm, coming up soon. Well, this is new development. This is new construction. This is new. 310 hasn't sold. We got these for— this is cool. I want to look at this. Oh, that interior is a fucking letdown. I'll tell you what. Ew, ew. Why the fuck would you do that? That's fucking terrible. Don't let me get started on development. I'll fucking develop some dope-ass houses. This is fucking tragic, actually. Oh, it's good exterior, looks cool. Um, but let's go back and look at these. So we're just seeing low $300s, high $200s. Yeah, we're looking at— where is our property at? Let's get rid of this Oshkosh one. We are located right under Kansas City. Yeah, same area. Are we close to them though? Or like right here on Palestine and Oak. We are Palestine and Oak, which is this area. No, yeah, that's not that bad. Yeah, high 300s for ARV, so I'd probably run it at, let's just say, 300. Let's just say 350. $350. Boom, boom, boom. Not times, buddy, what are you doing? We'll do times 0.15. $52. Yeah, and then you take away your fee. Let's see, you want to make 20 bands on this shit. But if it hasn't sold for $9,500, somebody would have been snatched that up if we're talking about Yeah, this shit being on the market, there has to be something wrong with it. Uh, $7,000, possibly do above C's. I wouldn't even give this any time of day, bro. Yeah, if it hasn't sold for that much, then it's not worth much for a developer. Okay, or the fucking area sucks dick. Um, let's go back to here. I wouldn't even— I wouldn't— ah, you know what, let's put a number to it. ARV, $1.5 million. Contract price, $500,000. Investor sale price, $1.2 million. Let's move on to this one. Time lost, I don't even focus my time on that. Let's take a look at this one. We got some liens on this baby. Demographics, we're looking at mostly owner. That's good. Like properties, that boy got some shit on him, boy. All right, let's look at this MLS. What are we looking like? What are we looking like? What are we looking like? What are we looking like? What are we looking like? Nothing through MLS. Let's go this. Nothing in the past 2 months. Let's go this. Pumbaa clock. We got this one for $103,000, this one for $1,100,000. I imagine this is a lot, or this is either a rental post. What do we look like on this one? The fuck is this? Square foot house. I thought that was an actual description. Low-key, bro. 180. The fuck? Mm, that's kind of cool. I want to see what the house looks like. We got this one for $103,000. Ours is a 2-bed, 1-bath, year built 153339. So this one's similar to ours. This is for $103,000. I would definitely want pictures for this one. Creative Home Buyers bought it 3 months ago. Yeah, link properties. $15 million. That's a cool guy right there. $200 million in fucking and open loans. That's beautiful debt right there, I tell you what. For this one, I— why did I pull this up? I wanted to see pictures of this just to kind of get a rough idea of what it could look like. Get fucked. Whatever. $100, sold for $100. I'd offer $50. Yeah, ARV, let's just say $100,000. Contract price, low-key, I wouldn't even do $50,000, I'd do $40,000. Investor sell price, $50,000. Change that to $30,000. Change that to $25,000 actually, just because I can't see the property and that pissed me off. Investor sell price, $35,000. $10,000 spread. Let's move on to the next one. 314 Veterans, Edinburgh, Texas. Edinburgh sounds like some war city. I don't want to look at 2-bed, 1-baths. And all that sold. We got some action in this market. Nothing in the past month, 2 months. Cool, we got some motion, we got some motion. Okay, $98,000. This is a rental, so $98,068 is a market 3-bed, 1-bath. Pretty similar, pretty similar, pretty similar. Just one more bedroom. How does this look like? What was the description? Uh, give it a little TLC. It's great for an investor. Huh. So I'm sure if this sold for $98,000, you'd probably be closer to $135,000 ARV. Times 0.73 minus rehab. These aren't big houses, are they? Now they're 1,200 square feet. I'd probably take away 1,600. No, 1,200. I'd probably do a nice little $31K. For like a really nice— it's Edinburgh, Texas, bro. You don't need that much. You're 25. Boom, boom, boom. You got $75,500. Uh, $75,000, and then our profit, let's just make $10,000, and then another $5,000 for the investor. That's 50. I'd offer 40 grand. ARV $135,000. Contract price $30,000. Yeah, I'll probably try to get it for $35,000. Investor sale price $40,000 to $50,000. So this would be a good deal, maybe like $15,000 spread. I look, you need the situations, the motivation, and some pictures to run the super most accurate comp. And also it's like, I know I'm just kind of running these just to run them, so that's why I'm kind of not like super like ecstatic about running these properties. Cash sale fit, $153,000. Uh, what are we looking at for this one? It's a 2, 2.5. The fuck type of build is that? MLS 24. Let's go 10. Nothing. Oh, let's go 10. Okay, 7, 55, 25. Okay. Okay, okay then. $2,443, $3,200, $3,200, $3,200. Ours just needs another bedroom. $1,800, $1,900. Bum bum bum bum bum. $751, $751, $751. I'd say we'd be closer to this $395 number just based off these. Yeah, that's good enough. Hope you enjoyed the video. I need to make calls.
