You’ve watched an entire season of HGTV’s Flip or Flop and you’re ready to start flipping houses. After doing a little research, you find that flipped homes produced an average gross profit of $58,250 in the first quarter of this year, according to a report by RealtyTrac. Sold.
But before you start sledgehammering that wall between the kitchen and the living room, there are many factors to consider when deciding to move into the house-flipping business — one of them being location.
Financial advising site WalletHub has you covered. WalletHub analyzed 150 of America’s largest cities to find the best places in the U.S. to flip houses, considering factors such as median purchase price and bathroom-remodeling costs. In addition to placing the cities in an overall ranking, WalletHub breaks down each location into three categories: house-flipping market potential; renovation and remodeling costs; and quality of life.
Whether you aim to make house-flipping your new full-time gig or are remodeling on the side to generate funds for your dream venture, here are the top 10 cities for renovating real estate.