Best cities for house flippers
Ever heard the age-old expression: “Love makes a house a home?” It’s rooted in the idea that a home is not defined solely by its physical structure, but also by those contributing to its warm, welcoming atmosphere. Ironically, most houses will not be able to attract the people necessary to make them homes without the proper decor, which is where house flippers come in. Many people find creative ways of making money through the real estate market, one of which is though purchasing homes at a low price, improving their design, then “flipping” them for a profit.
The first quarter of 2016 yielded an average profit for home flippers of $58,520, a figure which could be considered a good or bad return on investment depending on how much the homes originally cost. Colorado real estate agent Mark Ferguson points out that a rule of thumb many flippers use is “30% margin plus repairs,” or the flip may be considered a disappointment.
Interested in where these touch-up experts are thriving the most, Stacker referenced a WalletHub study to list the 50 best American cities for home flippers. WalletHub ranked the cities according to an index aggregated from three rankings: 1) The city’s market potential, 2) the average cost of renovating and remodeling and 3) the city’s quality of life. A more detailed methodology explaining how they ranked the cities according to each of these factors can be found here.
Read on to see if you can make a profit flipping homes in your state.
ALSO: States where people spend most of their paycheck on housing
#50. Augusta, GA
Total score: 57.63
'Market potential' rank: #20
'Renovation & remodeling costs' rank: #32
'Quality of life' rank: #143
#49. Las Vegas, NV
Total score: 57.92
'Market potential' rank: #90
'Renovation & remodeling costs' rank: #25
'Quality of life' rank: #74
#48. Grand Prairie, TX
Total score: 57.99
'Market potential' rank: #107
'Renovation & remodeling costs' rank: #59
'Quality of life' rank: #12
#47. Montgomery, AL
Total score: 57.99
'Market potential' rank: #66
'Renovation & remodeling costs' rank: #20
'Quality of life' rank: #138
#46. Aurora, CO
Total score: 58.15
'Market potential' rank: #100
'Renovation & remodeling costs' rank: #60
'Quality of life' rank: #22
#45. Raleigh, NC
Total score: 58.27
'Market potential' rank: #104
'Renovation & remodeling costs' rank: #45
'Quality of life' rank: #30
#44. Phoenix, AZ
Total score: 58.60
'Market potential' rank: #61
'Renovation & remodeling costs' rank: #22
'Quality of life' rank: #92
#43. Louisville, KY
Total score: 58.71
'Market potential' rank: #37
'Renovation & remodeling costs' rank: #53
'Quality of life' rank: #82
#42. Winston-Salem, NC
Total score: 58.73
'Market potential' rank: #22
'Renovation & remodeling costs' rank: #55
'Quality of life' rank: #101
#41. Columbus, OH
Total score: 58.87
'Market potential' rank: #52
'Renovation & remodeling costs' rank: #52
'Quality of life' rank: #60
#40. Memphis, TN
Total score: 58.93
'Market potential' rank: #2
'Renovation & remodeling costs' rank: #40
'Quality of life' rank: #146
#39. Overland Park, KS
Total score: 58.97
'Market potential' rank: #123
'Renovation & remodeling costs' rank: #73
'Quality of life' rank: #7
#38. Denver, CO
Total score: 59.06
'Market potential' rank: #111
'Renovation & remodeling costs' rank: #50
'Quality of life' rank: #15
#37. Shreveport, LA
Total score: 59.15
'Market potential' rank: #62
'Renovation & remodeling costs' rank: #10
'Quality of life' rank: #147
#36. St. Petersburg, FL
Total score: 59.26
'Market potential' rank: #6
'Renovation & remodeling costs' rank: #79
'Quality of life' rank: #79
#35. Glendale, AZ
Total score: 59.69
'Market potential' rank: #59
'Renovation & remodeling costs' rank: #18
'Quality of life' rank: #91
#34. Spokane, WA
Total score: 60.08
'Market potential' rank: #16
'Renovation & remodeling costs' rank: #48
'Quality of life' rank: #105
#33. Lincoln, NE
Total score: 60.29
'Market potential' rank: #76
'Renovation & remodeling costs' rank: #47
'Quality of life' rank: #27
#32. Corpus Christi, TX
Total score: 60.49
'Market potential' rank: #138
'Renovation & remodeling costs' rank: #54
'Quality of life' rank: #68
#31. Albuquerque, NM
Total score: 60.69
'Market potential' rank: #45
'Renovation & remodeling costs' rank: #27
'Quality of life' rank: #106
#30. Henderson, NV
Total score: 60.92
'Market potential' rank: #94
'Renovation & remodeling costs' rank: #35
'Quality of life' rank: #23
#29. Laredo, TX
Total score: 60.93
'Market potential' rank: #149
'Renovation & remodeling costs' rank: #41
'Quality of life' rank: #73
#28. Mobile, AL
Total score: 60.96
'Market potential' rank: #12
'Renovation & remodeling costs' rank: #13
'Quality of life' rank: #141
#27. Lexington-Fayette, KY
Total score: 61.11
'Market potential' rank: #15
'Renovation & remodeling costs' rank: #67
'Quality of life' rank: #57
#26. New Orleans, LA
Total score: 61.20
'Market potential' rank: #7
'Renovation & remodeling costs' rank: #38
'Quality of life' rank: #112
#25. Des Moines, IA
Total score: 61.50
'Market potential' rank: #67
'Renovation & remodeling costs' rank: #1
'Quality of life' rank: #102
#24. Pembroke Pines, FL
Total score: 61.92
'Market potential' rank: #33
'Renovation & remodeling costs' rank: #63
'Quality of life' rank: #25
#23. Huntsville, AL
Total score: 61.94
'Market potential' rank: #40
'Renovation & remodeling costs' rank: #37
'Quality of life' rank: #45
#22. Virginia Beach, VA
Total score: 61.96
'Market potential' rank: #18
'Renovation & remodeling costs' rank: #70
'Quality of life' rank: #34
#21. Gilbert, AZ
Total score: 62.43
'Market potential' rank: #88
'Renovation & remodeling costs' rank: #62
'Quality of life' rank: #2
#20. Wichita, KS
Total score: 62.48
'Market potential' rank: #31
'Renovation & remodeling costs' rank: #21
'Quality of life' rank: #107
#19. Nashville, TN
Total score: 62.54
'Market potential' rank: #56
'Renovation & remodeling costs' rank: #12
'Quality of life' rank: #64
#18. Jackson, MS
Total score: 62.64
'Market potential' rank: #119
'Renovation & remodeling costs' rank: #3
'Quality of life' rank: #136
#17. Colorado Springs, CO
Total score: 63.09
'Market potential' rank: #51
'Renovation & remodeling costs' rank: #46
'Quality of life' rank: #17
#16. Orlando, FL
Total score: 63.18
'Market potential' rank: #29
'Renovation & remodeling costs' rank: #23
'Quality of life' rank: #70
#15. Knoxville, TN
Total score: 63.61
'Market potential' rank: #21
'Renovation & remodeling costs' rank: #4
'Quality of life' rank: #114
#14. Tulsa, OK
Total score: 63.77
'Market potential' rank: #26
'Renovation & remodeling costs' rank: #14
'Quality of life' rank: #90
#13. Little Rock, AR
Total score: 64.13
'Market potential' rank: #43
'Renovation & remodeling costs' rank: #2
'Quality of life' rank: #94
#12. Lubbock, TX
Total score: 64.57
'Market potential' rank: #86
'Renovation & remodeling costs' rank: #36
'Quality of life' rank: #54
#11. Chandler, AZ
Total score: 64.58
'Market potential' rank: #65
'Renovation & remodeling costs' rank: #44
'Quality of life' rank: #5
#10. Springfield, MO
Total score: 64.61
'Market potential' rank: #115
'Renovation & remodeling costs' rank: #5
'Quality of life' rank: #100
#9. Greensboro, NC
Total score: 64.82
'Market potential' rank: #48
'Renovation & remodeling costs' rank: #11
'Quality of life' rank: #49
#8. Boise, ID
Total score: 64.97
'Market potential' rank: #129
'Renovation & remodeling costs' rank: #8
'Quality of life' rank: #13
#7. Grand Rapids, MI
Total score: 65.00
'Market potential' rank: #25
'Renovation & remodeling costs' rank: #29
'Quality of life' rank: #38
#6. Tampa, FL
Total score: 66.51
'Market potential' rank: #8
'Renovation & remodeling costs' rank: #19
'Quality of life' rank: #66
#5. Oklahoma City, OK
Total score: 66.56
'Market potential' rank: #30
'Renovation & remodeling costs' rank: #15
'Quality of life' rank: #37
#4. Peoria, AZ
Total score: 66.60
'Market potential' rank: #97
'Renovation & remodeling costs' rank: #6
'Quality of life' rank: #6
#3. Fort Wayne, IN
Total score: 67.38
'Market potential' rank: #106
'Renovation & remodeling costs' rank: #16
'Quality of life' rank: #46
#2. Sioux Falls, SD
Total score: 69.52
'Market potential' rank: #122
'Renovation & remodeling costs' rank: #7
'Quality of life' rank: #29
#1. El Paso, TX
Total score: 69.60
'Market potential' rank: #95
'Renovation & remodeling costs' rank: #9
'Quality of life' rank: #48
