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sturti
A House-Flipping Frenzy
House flipping is so (record levels of) hot right now. According to a new report from ATTOM Data Solutions, 193,009 single-family homes and condos were flipped in 2016, up 3.1% from 2015 to the highest level since 2006. And flippers are raking it in — comparatively speaking, at least. Per ATTOM, the average gross profits and return on investment for flippers were at their highest-ever recorded level, going back to 2000, the first year home-flipping data was available for the property database’s report.
Of course, some neighborhoods are more flush with flips than others — 39 of them, to be exact. According to ATTOM’s report, that’s how many ZIP codes had at least 20% of all home sales during last year categorized as flips.
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monkeybusinessimages
Thinking About Buying a Flip?
ATTOM’s report is based on publicly-recorded sales-deed data in more than 950 counties accounting for more than 80% of the U.S. population. It defines a “home flip” as a property that’s been sold in an arms-length sale for the second time in 12 months or less — which basically means someone bought a (sometimes serious) fixer-upper at a low(ish) price, fixed it up and put it back in on the market hoping to turn a profit.
Flipped homes can be a good buy for prospective homeowners, but not all flips are created equal and you’ll want to do your due diligence if your dream home is investor-owned. That includes vetting the flipper’s reputation, hiring an inspector who specializes in flipped houses, carefully reviewing owner disclosures and researching neighborhoods.
Of course, flip or no flip, you’ll want to check your credit before applying for a mortgage. (You can go ahead and do so by pulling your free credit report snapshot, along with two free credit scores updated every 14 days, on Credit.com.) And there are other steps you can take to generally prepare for a house hunt — in fact, here are 50 of them.
Now, without further ado, here are the 39 ZIP codes where house hunters should expect to find a whole bunch of flipped homes.
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RyersonClark
39. (Tie) Stockton, California — ZIP Code 95215
Flips as Percentage of Total Home Sales: 20%
Total Home Flips: 24
Average Gross Profit: $72,124
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delray77
39. (Tie) Los Angeles, California — ZIP Code 90011
Flips as Percentage of Total Home Sales: 20%
Total Home Flips: 25
Average Gross Profit: $135,000
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pastorscott
37. San Bernardino, California — ZIP Code 92408
Flips as Percentage of Total Home Sales: 20.3%
Total Home Flips: 13
Average Gross Profit: $61,000
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powerofforever
36. Woodlake, California — ZIP Code 93286
Flips as Percentage of Total Home Sales: 20.4%
Total Home Flips: 11
Average Gross Profit: $42,100
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bukharova
35. Magnolia, Pennsylvania — ZIP Code 08049
Flips as Percentage of Total Home Sales: 20.5%
Total Home Flips: 15
Average Gross Profit: $90,000
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littleny
34. Jamaica, New York — ZIP Code 11436
Flips as Percentage of Total Home Sales: 20.7%
Total Home Flips: 28
Average Gross Profit: $185,000
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jjwithers
33. (Tie) Compton, California — ZIP Code 90221
Flips as Percentage of Total Home Sales: 20.8%
Total Home Flips: 53
Average Gross Profit: $114,000
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moman11
33. (Tie) Los Angeles, California — ZIP Code 90047
Flips as Percentage of Total Home Sales: 20.8%
Total Home Flips: 74
Average Gross Profit: $138,402
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gilaxia
31. Lynwood, California — ZIP Code 90262
Flips as Percentage of Total Home Sales: 20.9%
Total Home Flips: 37
Average Gross Profit: $125,000
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Davel5957
30. (Tie) Cleveland, Ohio — ZIP Code 44104
Flips as Percentage of Total Home Sales: 21%
Total Home Flips: 13
Average Gross Profit: $19,500
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luckat
30. (Tie) Memphis, Tennessee — ZIP Code 38109
Flips as Percentage of Total Home Sales: 21%
Total Home Flips: 87
Average Gross Profit: $34,700
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Bogdanhoda
28. (Tie) Farmersville, California — ZIP Code 93223
Flips as Percentage of Total Home Sales: 21.1%
Total Home Flips: 12
Average Gross Profit: $40,050
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Arrangements-Photography
28. (Tie) Deltona, Florida — ZIP Code 32738
Flips as Percentage of Total Home Sales: 21.1%
Total Home Flips: 243
Average Gross Profit: $46,000
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Voyagerix
28. (Tie) Los Angeles, California — ZIP Code 90062
Flips as Percentage of Total Home Sales: 21.1%
Total Home Flips: 34
Average Gross Profit: $177,191
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fstop123
25. (Tie) Capitol Heights, Maryland — ZIP Code 20743
Flips as Percentage of Total Home Sales: 21.2%
Total Home Flips: 102
Average Gross Profit: $120,450
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fstop123
25. (Tie) Gwynn Oak, Maryland — ZIP Code 21207
Flips as Percentage of Total Home Sales: 21.2%
Total Home Flips: 104
Average Gross Profit: $114,000
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SeanPavonePhoto
23. (Tie) Washington, D.C. — ZIP Code 20019
Flips as Percentage of Total Home Sales: 21.3%
Total Home Flips: 93
Average Gross Profit: $178,000
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MarkHatfield
23. (Tie) Tacoma, Washington — ZIP Code 98409
Flips as Percentage of Total Home Sales: 21.3%
Total Home Flips: 75
Average Gross Profit: $94,500
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Gregory_DUBUS
21. Los Angeles, California — ZIP Code 90061
Flips as Percentage of Total Home Sales: 21.4%
Total Home Flips: 25
Average Gross Profit: $115,000
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Lisa-Blue
20. Miami, Florida — ZIP Code 33147
Flips as Percentage of Total Home Sales: 21.5%
Total Home Flips: 103
Average Gross Profit: $55,000
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Shunyu Fan
19. (Tie) St. Louis, Missouri — ZIP Code 63147
Flips as Percentage of Total Home Sales: 21.7%
Total Home Flips: 25
Average Gross Profit: $6,000
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KatarzynaBialasiewicz
19. (Tie) Delta, Pennsylvania — ZIP Code 17314
Flips as Percentage of Total Home Sales: 21.7%
Total Home Flips: 20
Average Gross Profit: $103,500
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GeorgePeters
17. (Tie) Memphis, Tennessee — ZIP Code 38125
Flips as Percentage of Total Home Sales: 21.8%
Total Home Flips: 106
Average Gross Profit: $35,050
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f11photo
17. (Tie) Philadelphia, Pennsylvania — ZIP Code 19150
Flips as Percentage of Total Home Sales: 21.8%
Total Home Flips: 55
Average Gross Profit: $94,500
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Highwaystarz-Photography
15. Cleveland, Ohio — ZIP Code 44128
Flips as Percentage of Total Home Sales: 22%
Total Home Flips: 80
Average Gross Profit: $29,000
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MachineHeadz
14. Memphis, Tennessee — ZIP Code 38127
Flips as Percentage of Total Home Sales: 22.4%
Total Home Flips: 146
Average Gross Profit: $37,081
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traveler1116
13. Partlow, Virginia — ZIP Code 22534
Flips as Percentage of Total Home Sales: 22.7%
Total Home Flips: 10
Average Gross Profit: $113,150
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RomoloTavani
12. Cleveland, Ohio — ZIP Code 44110
Flips as Percentage of Total Home Sales: 23.2%
Total Home Flips: 29
Average Gross Profit: $44,200
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AndreyPopov
11. (Tie) Opa Locka, Florida — ZIP Code 33055
Flips as Percentage of Total Home Sales: 23.6%
Total Home Flips: 109
Average Gross Profit: $80,000
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ventdusud
11. (Tie) Miami, Florida — ZIP Code 33168
Flips as Percentage of Total Home Sales: 23.6%
Total Home Flips: 73
Average Gross Profit: $83,500
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wabeno
9. Opa Locka, Florida — ZIP Code 33054
Flips as Percentage of Total Home Sales: 23.9%
Total Home Flips: 79
Average Gross Profit: $64,200
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monkeybusinessimages
8. Memphis, Tennessee — ZIP Code 38128
Flips as Percentage of Total Home Sales: 24.4%
Total Home Flips: 160
Average Gross Profit: $40,000
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Naphat_Jorjee
7. Memphis, Tennessee — ZIP Code 38116
Flips as Percentage of Total Home Sales: 28.2%
Total Home Flips: 109
Average Gross Profit: $39,162
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Skyhobo
6. (Tie) Corcoran, California — ZIP Code 93212
Flips as Percentage of Total Home Sales: 28.6%
Total Home Flips: 28
Average Gross Profit: $63,031
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kievith
6. (Tie) Opa Locka, Florida — ZIP Code 33056
Flips as Percentage of Total Home Sales: 28.6%
Total Home Flips: 135
Average Gross Profit: $66,900
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Sisoje
4. Memphis, Tennessee — ZIP Code 38118
Flips as Percentage of Total Home Sales: 28.7%
Total Home Flips: 160
Average Gross Profit: $39,750
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JasonVosper
3. Memphis, Tennessee — ZIP Code 38115
Flips as Percentage of Total Home Sales: 28.9%
Total Home Flips: 91
Average Gross Profit: $44,900
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andresr
2. Memphis, Tennessee — ZIP Code 38141
Flips as Percentage of Total Home Sales: 31.3%
Total Home Flips: 105
Average Gross Profit: $44,900
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Rauluminate
1. Penitas, Texas — ZIP Code 78576
Flips as Percentage of Total Home Sales: 37.8%
Total Home Flips: 14
Average Gross Profit: $18,257
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Image: sturti
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