Want to know how successful real estate investors quickly evaluate a potential project? Investors who are regular players in a market are well known in the real estate community and there are real estate agents, other investors and “scouts” who scour the area looking for potential deals the investor mayfour things to consider for quick flip like.

Any transaction takes a good amount of analysis and takes some time to properly analyze yet once in a while time is of the essence and the deal may not be there next week, either due to an impending foreclosure or other unstoppable event. Should you jump on a deal in such an instance before it’s gone or do you stand pat and let someone else take the risk? Here are four things to consider:

Be Cool. In a distressed sale that needs to close fast, the property is offered at a discount. But the discount is only relevant to what the property can actually sell for. In this instance, look at comps in the area but don’t get all starry-eyed. Yes, there will be comps that sell for say $300 per foot but there are others closer to $225. When comparing properties, be cool. Estimate on the low side, not the high.

Be Average. How does the property compare to other homes in the area? Is it one of the smallest? The biggest? If the home is on either end of the scale you may want to pass on this one. You want the home to be somewhere in the middle, not too low and certainly not the most expensive home in the neighborhood. Appeal to as many buyers as possible.

Be Reasonable.  Okay, so you can get a good deal. What now? Will you flip the property and if so, how long and for how much? Make sure you have a bona fide exit strategy that will provide you with your profits in a reasonably short period of time.

Be Nice. Speaking of comparable sales and surrounding homes, how is the neighborhood in general? Run down? Then you won’t find many buyers other than more investors. You want to find a distressed property at a cheap price in a nice neighborhood, not one cluttered with foreclosures.

Before making any offer, if you can easily address these four issues, you might have a solid deal waiting for you. Yes, you’ll still have time for further due diligence and you can write that into the contract but if the property passes with flying colors, it won’t take very long to close.