Peoria has been rated among the top cities to flip a home, according to personal-finance website WalletHub.
The city was ranked no. 3 behind Sioux Falls, South Dakota and Missoula, Montana.
Gilbert came in at no. 9 to round out the top 10. Other Arizona cities included Glendale at 23, Tempe at 34, Phoenix at 35, Scottsdale at 43 and Mesa at 54.
“Flipping” is a real estate term for buying a property with the purpose of reselling it for a profit, which is generated through appreciation of the home’s value or repairs and renovations.
To help serious real-estate investors find the best markets to list their flipped properties, WalletHub compared more than 170 U.S. cities across 26 key metrics. The data set ranges from median purchase price to average full home remodeling costs to real-estate agents per capita.
In order to determine the best and worst cities to flip houses, WalletHub compared the cities across three main areas: market potential, renovation & remodeling costs and quality of life. WalletHub evaluated those areas using 26 metrics and each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for house flipping.
Lastly, the cities’ weighted average across all metrics were calculated and ranked.