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Saturday , November 17 2018
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Tag Archives: wallet hub

El Paso Tops WalletHub’s 2017’s Best Places to Flip Houses List

If you’re among the millions of HGTV viewers who’ve seen an episode of “Flip or Flop,” you’ve probably thought about the thrill of gutting a house and turning a five- or six-figure profit.

WalletHub’s analysts compared the 150 largest U.S. cities across 22 key indicators of market potential, cost and quality of life. Their data set ranges from median purchase price to average full home remodeling costs to housing-market health index.

“But before you demo that pink-tiled ’80s kitchen, you need a stern reality check from the Property Brothers,” WalletHub’s release stated. “Any experienced home flipper would caution you that transforming a real-estate beast into a bankable beauty is never as easy as it looks on TV.”

“In other words, don’t get your hands dirty until you’ve learned a thing or two about real estate, construction and how much damage your project could do to your wallet — and to the beam that’s keeping the roof from collapsing.”

Breathing new life into a low-cost property won’t necessarily return a buyer’s full investment and allow them to pocket another $62,624, the average gross flipping profit in 2016.

While home flipping enjoys its highest rate since 2007, according to RealtyTrac, the current homeownership rate is near the previous half-century low of 62.9 percent, which may translate to fewer potential buyers off the bat, depending on the location of the revamped property.

Flipping a House in El Paso (1=Best; 75=Avg.)

  • 48th – Real-Estate Agents per Capita
  • 40th – Avg. Kitchen Remodeling Costs
  • 3rd – Avg. Bathroom Remodeling Costs
  • 77th – Avg. Full Home Remodeling Costs
  • 80th – % of Population with Walkable Park Access

To view WalletHub’s methodology, click HERE.

Video+Story: El Paso Named #1 Best-Run City in Texas

The City of El Paso is the best run city in Texas, according to the latest rankings unveiled in a study released Monday by Wallethub.com.

“We are on the right track. El Paso employees work hard every day to meet the demand for services, and the results of the study validate their efforts to advance our community’s quality of life,” Mayor Dee Margo said.

Analyst for the personal finance website compared the operating efficiency of 150 of the largest U.S. cities using six service categories, comprised of 33 key performance indicators, which were measured against El Paso’s per-capita budget.

“We are so pleased that our collective work is getting recognized locally, statewide and nationally. A few years ago, El Paso adopted a strategic plan based on a vision that El Paso will have safe, beautiful neighborhoods, a vibrant regional economy, and exceptional recreational, cultural and educational opportunities. That vision is coming to fruition and is making the difference,” City Manager Tommy Gonzalez said.

The service categories include:

  • Financial stability
  • Education
  • Health
  • Safety
  • Economy
  • Infrastructure and Pollution

“We can learn how well city officials manage and spend public funds by comparing the quality of services residents receive against the city’s total budget,” Wallethub.com’s website states.