The housing crisis created an opportunity for fixer uppers in Deltona, Fla.
Realtor.com ranked it as the best city for home flippers, as four percent of all homes sales are flips. Many homes there ended up in foreclosure during the housing bust. Buyers can land a house in Deltona for $262,000 (the median price) and flip it for an average profit of $45,830.
The list also includes Phoenix, Denver, New Orleans, and Nashville. Los Angeles has the most expensive houses ($675,000 median price) but the highest flip profit ($89,000). Providence, R.I. is a great opportunity for flippers who want to sell to commuters who can’t land a home closer to Boston.
We started by ranking the largest 100 markets by the ratio of flips to all home sales. We defined a flip as any home—single-family, townhome, or condo—that was bought and resold within a 3- to 12-month period. We excluded the deals that ended in foreclosure or had a negative profit compared to the original purchase price. We filtered out homes that were bought and sold by banks or other government entities. And we ruled out active markets where the renovation costs eat up all the profit.
The number of flipped properties in the U.S. is at its highest since 2007.