When you look up a property, Pellego scans the market for renovated comps, estimates the after repair value (“ARV”), estimates the monthly rent, and builds interactive flip and rental calculators for your analysis.
Along with property and listing details, this information is organized in five tabs with a green summary/action bar above.
The first tab is the Property tab, which contains property and listing details (unsurprisingly).
On the left is the parcel number, the structure type, the most recent listing photo, and the street view. For most counties, you can click the parcel number to open the county’s public details.
In the center is listing details—from the current or most recent listing—and the listing and sales history below. If you have an agent account, you can click the blue MLS number to open it on NWMLS.
On the right are the property details. The structure details are about the building (e.g. beds, baths, etc), and the parcel details are about the land (lot sqft, school district, etc.).
There's also a blue EDIT STRUCTURE button, but we will return to it in the deal actions section below.
The comps tab is designed to help estimate the value of the subject property.
By default the, Pellego assumes the value you are trying to estimate is the after repair value ("ARV"), that is, that the property is worth in a renovated condition.
The comps are displayed on a map. You can change the comp search by clicking Edit Search below the map.
In the center is a side-by-side analysis of whichever comp is selected from the map. You can also change the selected comp with the arrows in the center.
Each comp has an "Adjusted Value" which is the comp's sale price, adjusted for physical and market differences. Each comp also has a Comp Weight, which is its percentage of Pellego's ARV.
The rehab tab is designed to help you estimate the Rehab Budget.
On the left you can find listing photos and remarks (when available), and in the center you can find a "Rehab Guide."
The Rehab Guide shows five scopes of work: Maintenance, Light Rehab, Medium Rehab, Heavy Rehab, To The Studs. These scopes of work are based on structure and location details, and include the cost of general contractor markup and sales tax.
While the the Rehab Guide is based on the specific property, Pellego does not know the condition of the property. The listing photos/remarks are intended to help you ballpark the condition, but do not substitute for a physical inspection.
You can edit the Rehab Budget cost itself on this tab or the flip tab.
The flip tab holds all the financial assumptions for calculating flip profit or target offer.
In the center of the flip tab is the Proforma card. At the top is the ARV and at the bottom is the profit. Between ARV and profit are Selling Costs, Rehab Costs, Carrying Costs, Acquisition Costs, and the Purchase Price.
You can edit every cost on the Proforma except the financing costs. Financing costs can be edited on the Financing Cards, and propagate as Acquisition Costs (i.e. loan origination fees) and Carrying Costs (i.e. loan payments).
When you make a change, the profit will recalculate automatically. If you change the profit, the purchase will recalculate accordingly (sometimes referred to as a max allowable offer).
The Rental tab is where you can view and edit cash flow and other rental assumptions.
Cash Flow assumptions include monthly rent, PITI, property management, a vacancy budget, and a maintenance budget. You can edit (or zero-out) any of these assumptions and the monthly cash flow will update accordingly.
Below the cash flow assumptions are the Long Term Assumptions: the rate of value appreciation, the rate of rent appreciation, and the frequency of rent raises.
Below the long term assumptions are the Mortgage Details, which include loan to value (LTV) ratio, origination fee, interest rate, and whether the mortgage is a purchase mortgage or a refinance based on the ARV.
Changes to any of the rental assumptions are visualized in the center column in three graphs: cash flow over time, net equity over time, and total profit over time (which combines the two).
There are five actions you can take from any property page. These actions are accessible through the green summary bar, either on the bar itself or in the three dot menu on the right.
House flippers often change the structure details of a property (e.g. add a bathroom, finish a basement, etc.). You can specify these plans with Edit Structure, which will gather new comps and update the ARV accordingly.
Edit Structure does not change the rehab budget or the rehab guide.
In addition to editing the structure, you can also Rebuild Structure. When you click this, Pellego searches for comps based on the largest new constructions within the lot square footage.
Using Rebuild Structure changes the After Repair Value to an estimated New Build Value (which you an edit). Rebuild Structure changes the rehab budget to an estimated New Build Budget, based on comp permit details. It does not updates the rehab guide.
Save Analysis saves the property to your SAVED page (on the navigation bar) along with any changes you have made to the included comps, the structure, and the flip/rental analysis.
You will also get alerts for saved properties whenever there is a listing event, a new comp that changes the Pellego ARV, or an update the monthly rent estimate.
You can share a unique link to your saved analysis that others can view without an account. When someone with your link makes changes, they will not affect your saved version. However, when you make changes, anyone with the link will see those.
Share links expire in seven days, after which point they default to the original Pellego analysis with a warning message.
If you are licensed as an agent and hang your license with Pellego, the the link will show your photo and information on the Ask About This Property card, and any messages sent will go to your email.
Download Analysis is a Pro feature that saves your flip analysis into a spreadsheet, formatted for printing as a professionally designed PDF.
The spreadsheet/PDF contains editable comp, value, rehab, and cost assumptions, each organized as its own table in the spreadsheet and 8.5"/11" page in the PDF.
Download Analysis also pulls your logo and contact details from your Pellego settings.