How to Run Comps Like a Pro (Without MLS Access)

The MLS is the gold standard for real estate data. Agents use it to pull comps, and appraisers rely on it for valuations. But most investors are not licensed agents. And paying an agent $50 to $100 every time you need comps on a property kills your margins when you are analyzing 20 deals a week.

Here is the truth: public data has gotten very good. County assessor records, Zillow sold data, Redfin, Realtor.com, and third-party data providers like ATTOM all publish recent sale prices. You can build an accurate ARV estimate from these sources if you know what to look for.

The key difference between MLS and public data is timing and detail. MLS updates in real time. Public sites lag by 2 to 8 weeks depending on your county. MLS includes agent remarks, showing instructions, and contract details. Public sites give you the basics: sale price, date, square footage, bed and bath count, and sometimes photos.

For wholesaling and fix-and-flip analysis, that 2 to 8 week lag rarely matters. You are estimating what a property will sell for 3 to 6 months from now. A comp that closed 4 months ago is still valid whether you found it on MLS or Zillow.

Where public data falls short is in very thin markets. If only 3 homes sold in a rural ZIP code in the last year, you need every data point you can get. In those cases, calling a local agent for a Broker Price Opinion (BPO) is the move. Most agents will give you a verbal BPO for free if you send them deals regularly. It is a relationship worth building.

For 80% of markets in the US, public sources give you enough data to make solid offers. You just need to know which sources to trust, how to select the right comps, and how to adjust for differences. That is what this course covers.

Start with these free sources: your county assessor website for tax records and sale history, Zillow for sold prices and Zestimates (use the sold data, ignore the Zestimate), Redfin for their estimate and detailed sold data, and Realtor.com for listing history. Cross-reference at least two sources. If the numbers match, you have a reliable data point.

An ARV is only as good as the comps behind it. Use the wrong comps and your $45,000 profit turns into a $15,000 loss. Here are the five filters every comp must pass.

Filter 1: Distance. Your comp should be within 0.5 miles of the subject property. In suburban areas, you can stretch to 1 mile. In rural areas, you might need 3 to 5 miles. But tighter is always better. A house two streets over is more relevant than one across town, even if the across-town house is a closer size match.

Filter 2: Recency. The comp should have sold within 6 months. In fast-moving markets, stick to 3 months. In slow markets, you can go back 9 to 12 months but adjust for market movement. If prices in the ZIP code have increased 5% in the last year and your comp sold 10 months ago, add 4% to that sale price.

Filter 3: Size. The comp should be within 200 square feet of your subject property and match on bedroom and bathroom count. A 1,400 sq ft 3-bed/2-bath is not comparable to a 2,100 sq ft 4-bed/3-bath even if they are next door to each other. Appraisers typically adjust $20 to $50 per square foot for size differences. If you are adjusting more than $15,000 for size alone, find a better comp.

Filter 4: Condition. This matters most for flippers. Your ARV assumes the property is renovated. So your comps should be recently updated properties. Look for listings that mention new kitchen, updated bathrooms, new flooring, or full renovation. Avoid comps that sold as-is or with estate sale language. Those are distressed sales and they will pull your ARV down.

Filter 5: Property type. Single family comps with single family subjects. Condos with condos. Townhouses with townhouses. Do not mix them. A 1,500 sq ft condo and a 1,500 sq ft single family in the same neighborhood can differ by $80,000 or more.

Apply all five filters and you should have 3 to 6 solid comps. If you only have 1 or 2, widen your distance radius by half a mile. If you still cannot find enough, consider calling a local agent for a BPO.

The ideal number of comps is 3 to 5. Take the average of your best comps, weighted toward the ones closest in distance and most similar in size. That is your ARV starting point.

Open any property in FlipMantis and click the Comps tab. The system queries ATTOM data and public records to find recent sales matching your subject property. No MLS login needed.

The comp search starts with defaults: 0.5 mile radius, last 6 months, same property type, plus or minus 1 bedroom and 300 square feet. You will see results populate on a map with pins. Each comp shows the sale price, date, square footage, bed/bath count, and price per square foot.

Click any comp to see the full detail: lot size, year built, sale history, and tax assessment. Photos are available when public records include them. The system flags comps that might be distressed sales based on price-per-foot outliers or short sale and foreclosure indicators.

Select 3 to 5 comps that pass your filters. Check the boxes next to each one. FlipMantis calculates the average sale price and average price per square foot from your selections. It then adjusts for size differences between each comp and your subject property, using local per-square-foot rates.

The ARV estimate appears at the top of the screen. You can override it manually if you have local knowledge that the algorithm does not capture. Maybe the subject property backs up to a park and two of your comps face a busy road. That is worth an extra $5,000 to $10,000 that no algorithm will catch.

Once you lock in your ARV, it flows directly into the underwriting calculator. The system calculates your Maximum Allowable Offer using the 70% rule: MAO = (ARV x 0.70) - Repair Costs. If your ARV is $285,000 and repairs are $40,000, your MAO is $159,500.

You can save your comp selections so they are attached to the deal record. When you present an offer to a seller, you have the data to back up your price. When you wholesale the deal to a buyer, you can share the comp package. Everything stays in one place.

The system also tracks comp freshness. If a deal sits in your pipeline for 60 days, FlipMantis flags that your comps are aging and suggests refreshing them. Markets move. Your ARV from two months ago might be $10,000 off today.

You found three solid comps. They sold for $265,000, $278,000, and $271,000. Your subject property is similar but not identical. Now you adjust.

Size adjustments come first. If your subject is 1,450 sq ft and a comp is 1,600 sq ft, the comp has 150 extra square feet. At $100 per square foot in your market, that is a $15,000 adjustment downward on that comp. The comp sold for more partly because it is bigger. Subtract that difference to estimate what your smaller property would sell for.

Bedroom and bathroom adjustments are next. An extra bedroom typically adds $8,000 to $15,000 depending on the market. An extra bathroom adds $5,000 to $12,000. If a comp has an extra bedroom compared to your subject, adjust that comp's price down by $10,000 to $12,000.

Garage adjustments matter in markets where garages are not standard. A 2-car garage adds $15,000 to $25,000 in most suburban markets. If your subject has no garage and a comp does, adjust down.

Lot size adjustments are trickier. In subdivisions where every lot is 0.15 to 0.25 acres, ignore lot size. In areas with larger lots, an extra half-acre might add $10,000 to $30,000 depending on location.

Condition adjustments are the most subjective. If a comp was fully renovated with high-end finishes and your subject will get a mid-grade rehab, the comp's price is higher than your expected ARV. Adjust down $10,000 to $20,000 for finish quality differences.

After adjustments, your three comps might look like this. Comp 1: $265,000 minus $15,000 size adjustment = $250,000. Comp 2: $278,000 minus $10,000 bedroom adjustment minus $5,000 condition adjustment = $263,000. Comp 3: $271,000 with no adjustments = $271,000. Adjusted average: $261,333. That is your working ARV.

When to call an agent. If you cannot find 3 comps within 1 mile and 6 months, call an agent. If the property is unusual (converted church, mixed-use, very large lot), call an agent. If your deal is over $500,000, the extra accuracy from an agent BPO is worth the cost. If the comps are all over the place with a $60,000 spread, get a professional opinion.

Build relationships with 2 or 3 agents in your market. Send them deals when you wholesale. They will happily run comps for you when you need them. It is a two-way street.