These 39 Housing Markets Are Flush With Flipped Homes

A House-Flipping Frenzy

House flipping is so (record levels of) hot right now. According to a new report from ATTOM Data Solutions, 193,009 single-family homes and condos were flipped in 2016, up 3.1% from 2015 to the highest level since 2006. And flippers are raking it in — comparatively speaking, at least. Per ATTOM, the average gross profits and return on investment for flippers were at their highest-ever recorded level, going back to 2000, the first year home-flipping data was available for the property database’s report.

Of course, some neighborhoods are more flush with flips than others — 39 of them, to be exact. According to ATTOM’s report, that’s how many ZIP codes had at least 20% of all home sales during last year categorized as flips.

Thinking About Buying a Flip?

ATTOM’s report is based on publicly-recorded sales-deed data  in more than 950 counties accounting for more than 80% of the U.S. population. It defines a “home flip” as a property that’s been sold in an arms-length sale for the second time in 12 months or less — which basically means someone bought a (sometimes serious) fixer-upper at a low(ish) price, fixed it up and put it back in on the market hoping to turn a profit.

Flipped homes can be a good buy for prospective homeowners, but not all flips are created equal and you’ll want to do your due diligence if your dream home is investor-owned. That includes vetting the flipper’s reputation, hiring an inspector who specializes in flipped houses, carefully reviewing owner disclosures and researching neighborhoods.

Of course, flip or no flip, you’ll want to check your credit before applying for a mortgage. (You can go ahead and do so by pulling your free credit report snapshot, along with two free credit scores updated every 14 days, on Credit.com.) And there are other steps you can take to generally prepare for a house hunt — in fact, here are 50 of them.

Now, without further ado, here are the 39 ZIP codes where house hunters should expect to find a whole bunch of flipped homes.

39. (Tie) Stockton, California — ZIP Code 95215

Flips as Percentage of Total Home Sales: 20%

Total Home Flips: 24

Average Gross Profit: $72,124

39. (Tie) Los Angeles, California — ZIP Code 90011

Flips as Percentage of Total Home Sales: 20%

Total Home Flips: 25

Average Gross Profit: $135,000

37. San Bernardino, California — ZIP Code 92408

Flips as Percentage of Total Home Sales: 20.3% 

Total Home Flips: 13

Average Gross Profit: $61,000

36. Woodlake, California — ZIP Code 93286

Flips as Percentage of Total Home Sales: 20.4%

Total Home Flips: 11

Average Gross Profit: $42,100

35. Magnolia, Pennsylvania — ZIP Code 08049

Flips as Percentage of Total Home Sales: 20.5%

Total Home Flips: 15

Average Gross Profit: $90,000

34. Jamaica, New York — ZIP Code 11436

Flips as Percentage of Total Home Sales: 20.7% 

Total Home Flips: 28

Average Gross Profit: $185,000

33. (Tie) Compton, California — ZIP Code 90221

Flips as Percentage of Total Home Sales: 20.8%

Total Home Flips: 53

Average Gross Profit: $114,000

33. (Tie) Los Angeles, California — ZIP Code 90047

Flips as Percentage of Total Home Sales: 20.8%

Total Home Flips: 74

Average Gross Profit: $138,402

31. Lynwood, California — ZIP Code 90262

Flips as Percentage of Total Home Sales: 20.9%

Total Home Flips: 37

Average Gross Profit: $125,000

30. (Tie) Cleveland, Ohio — ZIP Code 44104

Flips as Percentage of Total Home Sales: 21%

Total Home Flips: 13

Average Gross Profit: $19,500

30. (Tie) Memphis, Tennessee — ZIP Code 38109

Flips as Percentage of Total Home Sales: 21%

Total Home Flips: 87

Average Gross Profit: $34,700

28. (Tie) Farmersville, California — ZIP Code 93223

Flips as Percentage of Total Home Sales: 21.1%

Total Home Flips: 12

Average Gross Profit: $40,050

28. (Tie) Deltona, Florida — ZIP Code 32738

Flips as Percentage of Total Home Sales: 21.1%

Total Home Flips: 243

Average Gross Profit: $46,000

28. (Tie) Los Angeles, California — ZIP Code 90062

Flips as Percentage of Total Home Sales: 21.1%

Total Home Flips: 34

Average Gross Profit: $177,191

25. (Tie) Capitol Heights, Maryland — ZIP Code 20743

Flips as Percentage of Total Home Sales: 21.2%

Total Home Flips: 102

Average Gross Profit: $120,450

25. (Tie) Gwynn Oak, Maryland — ZIP Code 21207

Flips as Percentage of Total Home Sales: 21.2%

Total Home Flips: 104

Average Gross Profit: $114,000

23. (Tie) Washington, D.C. — ZIP Code 20019

Flips as Percentage of Total Home Sales: 21.3%

Total Home Flips: 93

Average Gross Profit: $178,000

23. (Tie) Tacoma, Washington — ZIP Code 98409

Flips as Percentage of Total Home Sales: 21.3%

Total Home Flips: 75 

Average Gross Profit: $94,500

21. Los Angeles, California — ZIP Code 90061

Flips as Percentage of Total Home Sales: 21.4%

Total Home Flips: 25

Average Gross Profit: $115,000

20. Miami, Florida — ZIP Code 33147

Flips as Percentage of Total Home Sales: 21.5%

Total Home Flips: 103

Average Gross Profit: $55,000

19. (Tie) St. Louis, Missouri — ZIP Code 63147

Flips as Percentage of Total Home Sales: 21.7%

Total Home Flips: 25

Average Gross Profit: $6,000

19. (Tie) Delta, Pennsylvania — ZIP Code 17314

Flips as Percentage of Total Home Sales: 21.7%

Total Home Flips: 20

Average Gross Profit: $103,500

17. (Tie) Memphis, Tennessee — ZIP Code 38125

Flips as Percentage of Total Home Sales: 21.8%

Total Home Flips: 106

Average Gross Profit: $35,050

17. (Tie) Philadelphia, Pennsylvania — ZIP Code 19150

Flips as Percentage of Total Home Sales: 21.8%

Total Home Flips: 55

Average Gross Profit: $94,500

15. Cleveland, Ohio — ZIP Code 44128

Flips as Percentage of Total Home Sales: 22%

Total Home Flips: 80

Average Gross Profit: $29,000

14. Memphis, Tennessee — ZIP Code 38127

Flips as Percentage of Total Home Sales: 22.4%

Total Home Flips: 146

Average Gross Profit: $37,081

13. Partlow, Virginia — ZIP Code 22534

Flips as Percentage of Total Home Sales: 22.7%

Total Home Flips: 10

Average Gross Profit: $113,150

12. Cleveland, Ohio — ZIP Code 44110

Flips as Percentage of Total Home Sales: 23.2%

Total Home Flips: 29

Average Gross Profit: $44,200

11. (Tie) Opa Locka, Florida — ZIP Code 33055

Flips as Percentage of Total Home Sales: 23.6%

Total Home Flips: 109

Average Gross Profit: $80,000

11. (Tie) Miami, Florida — ZIP Code 33168

Flips as Percentage of Total Home Sales: 23.6%

Total Home Flips: 73

Average Gross Profit: $83,500

9. Opa Locka, Florida — ZIP Code 33054

Flips as Percentage of Total Home Sales: 23.9%

Total Home Flips: 79

Average Gross Profit: $64,200 

8. Memphis, Tennessee — ZIP Code 38128

Flips as Percentage of Total Home Sales: 24.4%

Total Home Flips: 160

Average Gross Profit: $40,000

7. Memphis, Tennessee — ZIP Code 38116

Flips as Percentage of Total Home Sales: 28.2%

Total Home Flips: 109

Average Gross Profit: $39,162

6. (Tie) Corcoran, California — ZIP Code 93212

Flips as Percentage of Total Home Sales: 28.6%

Total Home Flips: 28

Average Gross Profit: $63,031

6. (Tie) Opa Locka, Florida — ZIP Code 33056

Flips as Percentage of Total Home Sales: 28.6%

Total Home Flips: 135

Average Gross Profit: $66,900

4. Memphis, Tennessee — ZIP Code 38118

Flips as Percentage of Total Home Sales: 28.7%

Total Home Flips: 160

Average Gross Profit: $39,750

3. Memphis, Tennessee — ZIP Code 38115

Flips as Percentage of Total Home Sales: 28.9%

Total Home Flips: 91

Average Gross Profit: $44,900

2. Memphis, Tennessee — ZIP Code 38141

Flips as Percentage of Total Home Sales: 31.3%

Total Home Flips: 105

Average Gross Profit: $44,900

1. Penitas, Texas — ZIP Code 78576

Flips as Percentage of Total Home Sales: 37.8%

Total Home Flips: 14

Average Gross Profit: $18,257