Developer: Wasatch Digital Media, Inc.
Price: free Download on the App Store
Property Evaluator aims to make investing in real estate simpler, whether it's flipping houses or buying a first home. One man's misery, is another man's fortune, the old saying goes, and that's never been more true than in difficult economic times. Look around and you'll see plenty of foreclosed homes and sellers looking to get out of deep water with homes they no longer can afford.
The app gives potential home buyers, investors and real estate agents the ability to assess a property's value on the fly. Property Evaluator enables users to calculate monthly principle and interest, evaluate if the property is suitable for rental, assess its potential to make a quick buck or more.
Think of Property Evaluator as a powerful calculator dedicated to the single purpose of deciphering all the elements that normally go into the wearying process of assessing a property's value and its potential return as an investment or its affordability over the long run.
There are two essential elements to evaluating a property's worthiness using Property Evaluator: Whether you plan to flip the house in the first year or whether you plan to buy and hold the house as an owner or landlord.
In both instances, you enter the requisite info about the property. Those elements include key factors such as asking price, closing costs, estimated appreciation rate, income and expenses (if it's a rental), mortgage interest and similar data.
If you plan to flip the house, you can run a first-year projection for income, expenses and other assumptions to determine the property's potential net performance.
If you plan to buy and hold the house, you can run a multi-year projection for income, expenses and other assumptions to determine the property's potential net performance and sales value after a specified period of time.
Property Evaluator does all of the calculating after you have entered the most critical factors (price, mortgage interest rates, down payment are good examples of that). Some of those key factors, such as interest rate, are automatically carried over from one analysis to the next, so there's no need to re-enter them.
To help you keep track of the properties under your consideration, you can enter the location of the property, give it a name, find its location on a map and insert a photo of the property. You can store an unlimited number of properties and email projections as PDFs.
Buying property for yourself tends to worrisome, but Property Evaluator goes a long way to easing your mind. If you're looking to cash in on the current glut of relatively inexpensive homes on the market and hold them for some sunny day, you especially will like Property Evaluator.