How to Use the Redfin Property Data Tool
In this video, I'm going to give you a walkthrough of how you can spin up a quick streamlet application with Python without having to know how to program in front end code. We'll be able to quickly observe MLS listings from Redfin and look at some key features.
Ariel Herrera 0:00
Ariel Herrera 0:00
In this video, I'm going to give you a walkthrough of how you can spin up a quick streamlet application with Python without having to know how to program in front end code. We'll be able to quickly observe MLS listings from Redfin and look at some key features. Going back to Redfin. If we want to be able to download data, all we need to do is go to their homepage, select our city, so in my case will be Tampa, Florida. Click Search and use the filters to get down to as small amount of homes as possible. That's because Redfin only allows you to download 350 rows of data. So in this case, I'm going to filter down on properties that are under $500,000. I will only look at single family homes that have at least two beds, and at least two bathrooms. It gets me down to about 620. If I go to all filters, I can dive even further. So I can take off anything that's coming soon. And I could look to exclude any 55 Enough communities. And we could see here towards the bottom, I'm starting to go down in the number of homes, there's likely a lot of new construction, so I'm going to filter to only look at properties that were built before the year of 2020. I can also filter only on properties that are fixer uppers, green homes, and accessible homes. In this case, I'm going to stop here and select see 566 homes. I know that Redfin is not going to let me download everything but that's okay for these purposes. Going down below, I'm going to find download all and click it. When I open up the CSV file, I have a ton of information. These are each MLS listings with property type single family, and I have information on the address, price, bedrooms, bathrooms, square feet, lot size, your bill, MLS listing and latitude and longitude. But what can I do with this Excel file? Well, I can highlight over a column and see that the average price is 387. This is great, but it'd be really useful to see this all in one view. So this is where the streamline app comes into play. You can browse the file and directly upload your file that you have from Redfin. Here you can get a quick summary of property metrics, how many properties 350 average price, which matches what we saw on Excel 387. Average days on market is 29. An average price per square foot is 263. We have some charts of days on market, we can see it's pretty distributed throughout. So it's not skewing towards one side or the other. So we can't really say if it's a buyer's or seller's market at this point, we could also look at the price box plot. As we know, we set our limit to $500,000 for sale price, so that's going to be our upper fence, then the minimum we see some outliers at 80,000. But the median sales price within our search was 397,000 Am price per square foot sits mostly between 240 to $259. Now for opportunities, I wanted to think of what are some key factors that will allow me to see if a property is viable to add some additional income? Well, for one, if the ratio of bedrooms to square feet is large enough, then I could possibly actually add in a bedroom to the home. So for example, I seen especially in Tampa, there's a lot of homes that are over 1700 square feet, but only have three bedrooms. When you actually view these homes, they have old fashioned dining rooms, or they have study rooms that don't have closets, but are still the same size as a bedroom, you can convert either the dining room or that study room into a bedroom. Now your house is a four bedroom and you can actually increase rents to make the property a deal. And here I basically correctly calculated that and we could see all in the left hand side if a property has additional bedroom opportunity. So in this case, this property I'm hovering over, we can actually just go directly to the URL to view it, here we see this property is a three bed 2.5 baths, and is over 2400 square feet. Now if we can get at least one additional bedroom out of here, we could probably maybe even get to. Companies that are looking to buy out properties like this at scale may be automating their cash flow analysis, but not taking into consideration these opportunities, which is why smaller investors like us still have a chance to make income within the real estate space by getting creative. I also did a similar quick filter to see any properties that have adu potential because a lot size is a lot bigger than the size of the home. At the end, I can actually download this file. Now what if you want to build your own web app? Was this difficult to do? Not at all, because I use streamlet. streamlet is a Python package that allows you to develop web apps quickly without having to learn all the front end code. You don't have to worry about placing a component in a certain place learning HTML from scratch. As long as you know Python, you can build an app within minutes. In the next video, I'm going to show you how this app was created from scratch and you'll be able to actually copy the notebook and run it on your own so you can make any modifications you'd like. See you there
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