Guide
ARV Comps Worksheet for Fix-and-Flip Deals
Team RE Underwrite Lab
An ARV comps worksheet helps you estimate what a property could sell for after the planned renovation. Start with closed sales that resemble the finished property. Record the differences, then use the strongest sales to support a resale range you can test in your flip budget.
Copy this ARV comps worksheet
| Record for each closed sale | Comp 1 | Comp 2 | Comp 3 |
|---|---|---|---|
| Address, source and close date | |||
| Sold price and known concessions | |||
| Above-grade living area and price per square foot | |||
| Beds, baths and layout | |||
| Renovation quality and condition | |||
| Parking, basement, lot and location differences | |||
| How strongly it supports your resale range and why |
Compare the property you plan to deliver
Write a short description of the finished property first. Include the layout, usable area, parking and level of finish you can deliver within your budget. Check closed-sale photos against that scope. Record whether size figures use the same measurement basis, especially when one property has finished below-grade space.
Look for sales that competed for similar buyers. A close-by sale can be a weak comp if it has a materially different layout, setting or quality of renovation. Fannie Mae’s appraisal guidance discusses comparable selection and explaining the use of sales from outside the subject’s market area. Fannie Mae comparable sales guidance
Worked example for a 1,500-square-foot flip
Two similar renovated sales close at $297,000 for 1,485 square feet and $311,100 for 1,525 square feet. That is $200 and $204 per square foot. Applied to 1,500 square feet, those figures suggest a rough $300,000 to $306,000 range. A third home sells for $337,500 at the same size, but it has a second garage bay and a larger lot. Document those differences before giving that sale weight.
For the flip model, you might test $300,000, $303,000 and $306,000, then run a separate downside case below the comp range. This is an illustrative screening method. A price-per-square-foot shortcut can miss differences in condition, size and features. When a difference matters and you lack support for a dollar adjustment, describe the uncertainty in the worksheet.
Once you have a supported price-per-square-foot assumption, use the RE Underwrite Lab ARV calculator to translate it into a resale estimate. The tool uses your inputs. Bring your own closed-sale data. Then compare your ARV with the break-even sale price to see how much room the deal leaves.
Example only. Not financial, investment, legal, tax, lending, or appraisal advice.
Estimates only. Not financial, legal, tax, or investment advice. RE Underwrite Lab calculators and PDF reports provide educational estimates based on the numbers you enter. Actual purchase costs, rents, expenses, financing terms, taxes, insurance, vacancy, rehab costs, refinance eligibility, and returns vary by property, market, lender, and local law (including short-term rental rules). We do not guarantee any outcome, profit, cash flow, or appraisal. Some content and tools may be generated or assisted by artificial intelligence and can contain errors. Always verify assumptions with licensed professionals and your own due diligence before making decisions.