Flip math that starts
with the right comps
Two numbers decide a flip before you own it. Propera grades comps by the condition they sold in so your ARV matches your exit, and builds the rehab budget from the costs you actually pay.
A flip is decided by the ARV and the rehab budget, and both are usually estimated in a hurry. The most expensive mistake is mixing comp types: value a project against renovated sales when you are delivering a light update, or against dated sales when you are delivering a full renovation, and the margin you think you have does not exist. Propera grades every comp on the condition it sold in, verifies each recorded sale price against a second public source, and builds an itemized repair budget priced against cost settings you control, so both numbers come from the same run.
Where the margin quietly disappears
As-is and renovated comps get mixed
Your ARV should reflect the house you are going to deliver. A comp set that blends a finished flip with a dated original sale supports neither number well, and the error lands directly on your margin.
Rehab budgets built from a rule of thumb
A flat per-square-foot figure ignores what the property actually needs and what your contractors actually charge. It is close enough to feel confident and wrong often enough to cost a deal.
The margin is set before you own it
Everything after acquisition is execution. If the acquisition number was built on the wrong comps, no amount of good project management recovers it.
What changes
Comps graded by the condition they sold in
Every comp is labeled Renovated, Partially Updated, Dated or Rough, and weighted accordingly. You can see which sales are carrying your after-repair number instead of trusting an average of whatever sold nearby.
Sale prices checked, not assumed
Each comp is checked against a second public source before it counts. A comp is dropped if the listing never actually closed, if it sold outside your window, if the sale was not open-market, if it duplicates another comp, or if the recorded price cannot be confirmed. The comps you do see carry their verification status and condition grade, so you can tell which sales are actually holding the number up.
A rehab budget at your costs, not a national average
Describe the property in plain language and get an itemized budget back. Per-square-foot budgets for flooring, paint and siding, flat budgets for kitchen, bathroom, roof, HVAC, foundation, electrical, plumbing, water heater and landscaping, per-unit costs for windows, doors and fixtures, and finish-level multipliers for a basic or high-end spec.
Change a cost once and reprice everything after it
When your kitchen number moves, you update it in settings and every future deal uses it. Your cost assumptions live in one place rather than in whichever spreadsheet you copied last.
After running a flip he already knew through Propera:
“That's about the price point that I would have paid for this house too if I was trying to flip it.”
Every comp carries its grade
A renovated sale and a distressed sale on the same street support very different numbers. Propera grades each comp on the condition it sold in and on whether the sale was a genuine retail transaction, adjusts its price per square foot toward renovated-equivalent based on that grade, then weights it by how confident the grade is. A dated sale still counts, at what it is worth.
Questions people ask
How does Propera tell a renovated comp from an as-is one?
Each comp is graded into one of four condition tiers, Renovated, Partially Updated, Dated or Rough, and separately graded on whether the sale was a genuine retail transaction rather than a foreclosure or a transfer between related parties. Both grades feed the weighting, and both are shown on the comp in your report so you can see what drove the number.
Can I adjust the repair costs to my own contractors?
That is the intended use. Every line in the estimate is priced from settings you control, and finish-level multipliers let you model a basic rebuild and a high-end spec from the same description of the property.
Does it handle new construction?
No. New construction comps behave differently from resale and Propera does not model them, so a new-build project is outside what it does well. Rural properties with sparse comparable sales are the other weak case, and the confidence score will tell you when you are in one.
Can I model more than one exit on the same property?
You can re-run a property with different assumptions, and each run is preserved rather than overwriting the last, so you can compare a light update against a full renovation. Propera does not model rental or BRRRR returns; it is built for the acquisition number.
Do I need MLS access?
No. Propera works on any address in the United States without MLS membership, which is what makes it usable in markets where you do not hold a license or a subscription.
Run a property you already know
The fastest way to judge the comps is on a deal you underwrote yourself.
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