It’s such an easy thing to do. IF!! There is a compact and active market. I have made a lot of my best deals outside those markets. That makes it a lot more challenging.
If there is an active market, you just have a look at similar objects nearby. Have a look at what’s for sale and see what prices recently sold houses achieved.
If you are doing deals in a more rural market, you will have to take a different approach. There are no finished numbers for you to look at and there will very likely be less potential buyers. Unless! You find properties with hidden values. You might find something with a spectacular view, a lake nearby or a local brewery next door..?
So, how do you value it? Low. Put a low value on it. Buy it cheap. Make sure to bring the strongest selling points of the place to life and then market it to them. If you do this right, it will fetch a much higher value and you will have another good deal to be proud of.